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Covent Garden leasehold conveyancing: Q and A’s

I would like to sublet my leasehold apartment in Covent Garden. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?

Some leases for properties in Covent Garden 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 suggests 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.

Estate agents have just been given the go-ahead to market my garden apartment in Covent Garden.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I own a leasehold house in Covent Garden. Conveyancing and Britannia mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Covent Garden who acted for me is not around.Do I pay?

The first thing you should do is contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Covent Garden conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two maisonettes in Covent Garden which have approximately 50 years unexpired on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this area

Can you provide any top tips for leasehold conveyancing in Covent Garden from the perspective of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Covent Garden can be avoided if you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
  • Many landlords or managing agents in Covent Garden levy fees for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Covent Garden.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Covent Garden leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence from the Landlord approving such changes. Where you dont have the approvals to hand you should not communicate with the landlord without checking with your conveyancer in advance.
  • Some Covent Garden leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • You believe that you know the number of years left on your lease but you should verify this via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 75 years. It is therefore important at an as soon as possible 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 have attempted and failed to negotiate with my landlord for a lease extension without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Covent Garden conveyancing firm to assist?

    Where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to judgment on the amount due.

    An example of a Freehold Enfranchisement decision for a Covent Garden premises is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case related to 1 flat. The the unexpired residue of the current lease was 73.26 years.

    Other Topics

    Lease Extensions in Covent Garden