Frequently asked questions relating to Gospel Oak leasehold conveyancing
Harry (my fiance) and I may need to rent out our Gospel Oak basement flat temporarily due to a career opportunity. We instructed a Gospel Oak conveyancing firm in 2002 but they have closed and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Gospel Oak do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to see 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 consent.
I have just started marketing my ground floor apartment in Gospel Oak.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Gospel Oak. Conveyancing advisers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Gospel Oak ?
The majority of houses in Gospel Oak are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Gospel Oak in which case you should be shopping around for a Gospel Oak conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor will appraise you on the various issues.
What advice can you give us when it comes to finding a Gospel Oak conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Gospel Oak conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Gospel Oak conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- What volume of lease extensions has the firm conducted in Gospel Oak in the last 12 months?
I have had difficulty in trying to purchase the freehold in Gospel Oak. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the LVT to assess the price.
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 affected 1 flat. The the unexpired term as at the valuation date was 64.77 years.
What are the frequently found problems that you come across in leases for Gospel Oak properties?
Leasehold conveyancing in Gospel Oak is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.