Common questions relating to Brunswick Park leasehold conveyancing
I want to rent out my leasehold apartment in Brunswick Park. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your last Brunswick Park conveyancing solicitor is no longer available you can review your lease to see if it allows you to sublet the apartment. The accepted inference is that if the deeds are silent, subletting is permitted. There may be a precondition that you need to obtain consent via your landlord or some other party before subletting. This means you not allowed to sublet without prior permission. Such consent is not allowed to be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
Having checked my lease I have discovered that there are only Sixty One years left on my flat in Brunswick Park. I need to get lease extension but my landlord is absent. What are my options?
On the basis that you qualify, 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 granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the freeholder. In some cases an enquiry agent would be helpful to carry out a search and prepare an expert document to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Brunswick Park.
I today plan to offer on a house that seems to be perfect, at a great price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Brunswick Park. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Brunswick Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Brunswick Park in which case you should be shopping around for a Brunswick Park conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.
I am looking at a couple of flats in Brunswick Park which have about forty five years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Brunswick Park is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Brunswick Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you provide any top tips for leasehold conveyancing in Brunswick Park with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Brunswick Park can be avoided if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers representatives.
- If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Brunswick Park state that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such changes. Should you dont have the approvals in place you should not contact the landlord without checking with your lawyer first.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Brunswick Park conveyancing firm to represent me?
Most certainly. We are happy to put you in touch with a Brunswick Park conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Brunswick Park flat is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case affected 2 flats. The the unexpired residue of the current lease was 70.31 years.