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Recently asked questions relating to Bulls Cross leasehold conveyancing

I wish to rent out my leasehold apartment in Bulls Cross. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

A small minority of properties in Bulls Cross do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I am hoping to sign contracts shortly on a leasehold property in Bulls Cross. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?

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

  • You should receive a copy of the lease
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • 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.
  • What you can do if a neighbour breach a clause of their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Bulls Cross please ask your conveyancer in advance of your conveyancing in Bulls Cross

    • I am tempted by the attractive purchase price for a two apartments in Bulls Cross which have approximately fifty years left on the lease term. Should I regard a short lease as a deal breaker?

    There are no two ways about it. A leasehold apartment in Bulls Cross is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most buyers and lenders, leases with less than 75 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 premises 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 property 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 Bulls Cross 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

    I've recently bought a leasehold house in Bulls Cross. Do I have any liability for service charges for periods before my ownership?

    In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

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

    • A significant proportion of the frustration in leasehold conveyancing in Bulls Cross can be bypassed if you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers lawyers.
    • The majority landlords or Management Companies in Bulls Cross levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Bulls Cross.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Bulls Cross state that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord approving such changes. Where you dont have the approvals in place you should not communicate with the landlord without checking with your conveyancer before hand.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be nervous about purchasing 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 completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing.
  • If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Obtaining a re-issued share certificate is often a lengthy formality and slows down many a Bulls Cross conveyancing transaction. If a new share certificate is necessary, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity.

    • Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Bulls Cross. Can we issue an application to the Residential Property Tribunal Service?

    if there is a missing landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to decide the amount due.

    An example of a Lease Extension case for a Bulls Cross residence is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case related to 1 flat. The the unexpired term as at the valuation date was 81.79 years.