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Kingswood leasehold conveyancing: Q and A’s

My husband and I may need to sub-let our Kingswood 1st floor flat for a while due to a new job. We used a Kingswood conveyancing practice in 2003 but they have closed and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?

Even though your previous Kingswood conveyancing lawyer is no longer around you can review your lease to see if it allows you to sublet the property. The accepted inference is that if the deeds are silent, subletting is allowed. There may be a precondition that you need to seek permission from your landlord or other appropriate person in advance of subletting. The net result is you not allowed to sublet without first obtaining consent. The consent should not be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.

I am hoping to complete next month on a leasehold property in Kingswood. Conveyancing solicitors have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Kingswood should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The physical extent of the demise. This will be the property itself but may include a loft or basement if applicable.
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Whether the lease restricts you from letting out the property, or having a home office for business
  • Whether your lease has a provision for a sinking fund?
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For details of the information to be included in your report on your leasehold property in Kingswood please ask your lawyer in advance of your conveyancing in Kingswood

    • I am tempted by the attractive purchase price for a couple of apartments in Kingswood which have about 50 years remaining on the leases. should I be concerned?

    A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

    Can you provide any advice for leasehold conveyancing in Kingswood with the intention of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Kingswood can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the buyers representatives.
    • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Kingswood state that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such alterations. If you dont have the approvals in place you should not communicate with the landlord without checking with your conveyancer in advance.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than ongoing.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Arranging a replacement share certificate can be a lengthy process and slows down many a Kingswood home move. If a duplicate share is necessary, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be wise to verify this by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the lease term is below 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • What are the common defects that you encounter in leases for Kingswood properties?

    There is nothing unique about leasehold conveyancing in Kingswood. All leases are individual and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Virgin Money, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

    I purchased a 1 bedroom flat in Kingswood, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Kingswood with an extended lease are worth £200,000. The ground rent is £50 yearly. The lease finishes on 21st October 2085

    With 61 years remaining on your lease the likely cost is going to span between £18,100 and £20,800 as well as professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Kingswood