Common questions relating to Gospel Oak leasehold conveyancing
I wish to sublet my leasehold apartment in Gospel Oak. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Your lease governs relations between the freeholder and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Gospel Oak do not contain subletting altogether – such a provision would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I only have Fifty years left on my lease in Gospel Oak. I am keen to get lease extension but my landlord is missing. What should I do?
If you qualify, 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 mean that your lease can be extended by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the lessor. For most situations an enquiry agent should be helpful to try and locate and to produce an expert document which can be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Gospel Oak.
Planning to exchange soon on a garden flat in Gospel Oak. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Gospel Oak should include some of the following:
- You should have a good understanding of the insurance provisions
I today plan to offer on a house that appears to be perfect, at a great price which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Gospel Oak. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in Gospel Oak are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Gospel Oak in which case you should be looking for a Gospel Oak conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your lawyer should advise you fully on all the issues.
I am tempted by the attractive purchase price for a two flats in Gospel Oak which have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. 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 because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Gospel Oak. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We can put you in touch with a Gospel Oak conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Gospel Oak property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case related to 1 flat. The unexpired lease term was 64.77 years.