Questions and Answers: Emerson Park leasehold conveyancing
My wife and I may need to sub-let our Emerson Park 1st floor flat for a while due to a career opportunity. We instructed a Emerson Park conveyancing firm in 2002 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Emerson Park do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see 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 attracted to a couple of maisonettes in Emerson Park which have approximately 50 years left 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 saleability of the lease reduces and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
I've recently bought a leasehold property in Emerson Park. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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 top tips for leasehold conveyancing in Emerson Park from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Emerson Park can be bypassed where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Emerson Park leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord approving such changes. Should you fail to have the paperwork in place you should not contact the landlord without contacting your solicitor in the first instance.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Emerson Park conveyancing firm to assist?
Absolutely. We are happy to put you in touch with a Emerson Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Emerson 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 the unexpired residue of the current lease was 57.5 years.
What are the frequently found deficiencies that you witness in leases for Emerson Park properties?
There is nothing unique about leasehold conveyancing in Emerson Park. Most leases are unique and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Mortgage Works, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.