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Top Five Questions relating to Earls Court leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Earls Court. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Earls Court - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Having checked my lease I have discovered that there are only Fifty years left on my lease in Earls Court. I now want to extend my lease but my freeholder is can not be found. What should I do?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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. You will be obliged to prove that you or your lawyers have used your best endeavours to locate the landlord. In some cases a specialist should be helpful to conduct investigations and prepare a report to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s absence and the application to the County Court overseeing Earls Court.

Due to complete next month on a studio apartment in Earls Court. Conveyancing solicitors inform me that they are sending me a report tomorrow. What should I be looking out for?

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

  • You should receive a copy of the lease
  • Defining your rights in respect of the communal areas in the block.By way of example, does the lease grant a right of way over an accessway or hallways?
  • Does the lease prevent you from subletting the property, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • 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 contained in your report on your leasehold property in Earls Court please enquire of your lawyer in advance of your conveyancing in Earls Court

    • I am tempted by the attractive purchase price for a couple of maisonettes in Earls Court which have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold flat in Earls Court is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and banks, leases with less than 75 years become less and less attractive. On a more positive 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 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 Earls Court conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

    Can you provide any advice for leasehold conveyancing in Earls Court with the purpose of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Earls Court can be avoided where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers lawyers.
    • Many landlords or managing agents in Earls Court levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Earls Court.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Earls Court leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such alterations. Where you dont have the paperwork to hand do not communicate with the landlord without contacting your conveyancer in the first instance.
  • A minority of Earls Court 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 put in hand 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you are supposed to have a share in the freehold, you should ensure that you have the original share certificate. Organising a new share certificate is often a lengthy formality and delays many a Earls Court home move. If a new share is required, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.

    • I have had difficulty in trying to purchase the freehold in Earls Court. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    in cases where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the amount due.

    An example of a Freehold Enfranchisement case for a Earls Court residence is 5 Wetherby Gardens in June 2014. the Tribunal concluded that the price to be paid for the freehold of the property was £2,369,452. This case was in relation to 5 flats. The the unexpired term as at the valuation date was 38.98 years.

    Other Topics

    Lease Extensions in Earls Court