Experts for Leasehold Conveyancing in Knebworth

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Knebworth leasehold conveyancing: Q and A’s

My wife and I may need to rent out our Knebworth ground floor flat for a while due to a career opportunity. We instructed a Knebworth conveyancing practice in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?

A lease governs the relationship between the landlord and you the leaseholder; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Knebworth do not prevent strict prohibition on subletting – such a provision would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.

Having checked my lease I have discovered that there are only Sixty One years unexpired on my lease in Knebworth. I am keen to extend my lease but my landlord is absent. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to prove that you have used your best endeavours to track down the lessor. On the whole a specialist would be useful to carry out a search and prepare an expert document to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Knebworth.

Due to complete next month on a leasehold property in Knebworth. Conveyancing solicitors inform me that they will have a report out to me next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Knebworth should include some of the following:

  • You should receive a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Setting out your rights in respect of the communal areas in the building.E.G., does the lease permit a right of way over an accessway or staircase?
  • Whether your lease has a provision for a sinking fund?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For details of the information to be contained in your report on your leasehold property in Knebworth please enquire of your solicitor in ahead of your conveyancing in Knebworth

    • I am a negotiator for a reputable estate agent office in Knebworth where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Knebworth conveyancing firms. Could you clarify whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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 top tips for leasehold conveyancing in Knebworth from the point of view of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Knebworth can be avoided if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
    • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Knebworth leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such works. Should you dont have the approvals in place do not contact the landlord without checking with your solicitor in the first instance.
  • A minority of Knebworth leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. 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 clearly preferable to present the dispute as over as opposed to ongoing.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 80 years. It is therefore important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I invested in buying a studio flat in Knebworth, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Equivalent flats in Knebworth with a long lease are worth £175,000. The ground rent is £65 yearly. The lease comes to an end on 21st October 2101

    With 76 years unexpired we estimate the premium for your lease extension to span between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to 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 Knebworth