Leasehold Conveyancing in Gospel Oak - Get a Quote from the leasehold experts approved by your lender

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Sample questions relating to Gospel Oak leasehold conveyancing

I am intending to sublet my leasehold flat in Gospel Oak. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

A lease dictates relations between the landlord and you the flat owner; in particular, it will set out if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Gospel Oak do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.

Due to exchange soon on a leasehold property in Gospel Oak. Conveyancing solicitors inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Gospel Oak should include some of the following:

  • The physical extent of the premises. This will be the apartment itself but might incorporate a loft or basement if appropriate.
  • Will you be prohibited or prevented from having pets in the property?
  • Whether the lease restricts you from subletting the flat, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Responsibility for repairing the window frames
  • What you can do if a neighbour breach a clause of their lease? For details of the information to be included in your report on your leasehold property in Gospel Oak please enquire of your solicitor in advance of your conveyancing in Gospel Oak

  • I've recently bought a leasehold flat in Gospel Oak. Do I have any liability for service charges relating to a period prior to my ownership?

    Where the service charge has already been demanded from the previous lessee 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. It is an essential part 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 offer any advice when it comes to finding a Gospel Oak conveyancing practice to carry out our lease extension conveyancing?

    When appointing a solicitor for your lease extension (regardless if they are a Gospel Oak conveyancing practice) it is imperative 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 Gospel Oak conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

    • How familiar is the firm with lease extension legislation?
  • What volume of lease extensions have they conducted in Gospel Oak in the last 12 months?

  • I have given up negotiating a lease extension in Gospel Oak. Can this matter be resolved via the Leasehold Valuation Tribunal?

    Absolutely. 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 flat 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 unexpired residue of the current lease was 64.77 years.

    In relation to leasehold conveyancing in Gospel Oak what are the most common lease defects?

    There is nothing unique about leasehold conveyancing in Gospel Oak. Most leases is drafted differently and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:

    • A provision to repair 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.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Barnsley Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in Gospel Oak