Sample questions relating to Gospel Oak leasehold conveyancing
I am in need of some leasehold conveyancing in Gospel Oak. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Gospel Oak - 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.
Frank (my husband) and I may need to let out our Gospel Oak garden flat temporarily due to a career opportunity. We instructed a Gospel Oak conveyancing practice in 2003 but they have closed and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?
The lease governs relations between the freeholder and you the flat owner; in particular, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Gospel Oak do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Having checked my lease I have discovered that there are only Sixty One years remaining on my lease in Gospel Oak. I need to get lease extension but my freeholder is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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 magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the freeholder. In some cases an enquiry agent should be helpful to try and locate and to produce a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court overseeing Gospel Oak.
I today plan to offer on a house that seems to meet my requirements, at a great price which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Gospel Oak. Conveyancing advisers have not yet been instructed. 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. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Gospel Oak in which case you should be shopping around for a Gospel Oak conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should report to you on the legal implications.
I am the registered owner of a second floor flat in Gospel Oak. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Absolutely. We are happy to put you in touch with a Gospel Oak conveyancing firm who can help.
An example of a Lease Extension case for a Gospel Oak residence 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 was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 64.77 years.
In relation to leasehold conveyancing in Gospel Oak what are the most common lease defects?
Leasehold conveyancing in Gospel Oak is not unique. All leases are individual and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- 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 could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Royal Bank of Scotland, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.