Questions and Answers: Hyde Park leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Hyde Park. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is registered - and most are in Hyde Park - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Planning to sign contracts shortly on a basement flat in Hyde Park. Conveyancing lawyers inform me that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Hyde Park should include some of the following:
- You should receive a copy of the lease
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Hyde Park. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Hyde Park ?
Most houses in Hyde Park are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Hyde Park in which case you should be shopping around for a Hyde Park conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will advise you fully on all the issues.
I am employed by a reputable estate agency in Hyde Park where we see a number of leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Hyde Park conveyancing firms. Please can you confirm whether the seller of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Do you have any advice for leasehold conveyancing in Hyde Park from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Hyde Park can be reduced if you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
- If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Hyde Park state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. If you dont have the approvals to hand you should not contact the landlord without contacting your solicitor first.
Hyde Park Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing
Can you tell me if there are any major works in the near future that will likely add a premium to the service charges?
Who are the managing agents?
Is the freehold owned jointly by the tenants?