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Examples of recent questions relating to leasehold conveyancing in Elm Park

I am in need of some leasehold conveyancing in Elm Park. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Elm Park - then the leasehold title will always include the short particulars 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.

My husband and I may need to rent out our Elm Park ground floor flat temporarily due to taking a sabbatical. We used a Elm Park conveyancing practice in 2002 but they have since shut and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?

A lease governs the relationship between the landlord and you the flat owner; specifically, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Elm Park do not contain subletting altogether – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

Planning to complete next month on a leasehold property in Elm Park. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?

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

  • The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • The total extent of the demise. This will be the property itself but may incorporate a loft or cellar if appropriate.
  • Whether the lease restricts you from renting out the property, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • Responsibility for repairing the window frames For details of the information to be contained in your report on your leasehold property in Elm Park please enquire of your lawyer in ahead of your conveyancing in Elm Park

    • I am attracted to a two apartments in Elm Park both have approximately forty five years remaining on the leases. Do I need to be concerned?

    There is no doubt about it. A leasehold apartment in Elm Park 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 value of the property. For most buyers and lenders, leases with less than 75 years become less and less marketable. 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 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 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 Elm 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 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 any new 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 offer any advice when it comes to appointing a Elm Park conveyancing firm to carry out our lease extension conveyancing?

    When appointing a conveyancer for your lease extension (regardless if they are a Elm Park conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Elm Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:

    • If the firm is not ALEP accredited then what is the reason?
  • What are the costs for lease extension conveyancing?

    • I have had difficulty in negotiating a lease extension in Elm Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    Most definitely. We can put you in touch with a Elm Park conveyancing firm who can help.

    An example of a Lease Extension case for a Elm Park premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The remaining number of years on the lease was 57.5 years.

    Other Topics

    Lease Extensions in Elm Park