Hampstead Garden Suburb leasehold conveyancing: Q and A’s
Helen (my wife) and I may need to rent out our Hampstead Garden Suburb basement flat for a while due to a new job. We used a Hampstead Garden Suburb conveyancing practice in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
A lease dictates the relationship between the landlord and you the flat owner; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Hampstead Garden Suburb do not contain an absolute prevention of subletting – such a provision would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Hampstead Garden Suburb. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Hampstead Garden Suburb ?
The majority of houses in Hampstead Garden Suburb are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Hampstead Garden Suburb so you should seriously consider looking for a Hampstead Garden Suburb conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I own a leasehold house in Hampstead Garden Suburb. Conveyancing and The Royal Bank of Scotland mortgage are in place. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Hampstead Garden Suburb who previously acted has now retired.Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Hampstead Garden Suburb conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold property in Hampstead Garden Suburb. 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 lessee and they have not paid you would not usually be personally liable for the arrears. However, 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 ensure 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 advice for leasehold conveyancing in Hampstead Garden Suburb with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Hampstead Garden Suburb can be avoided where you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers conveyancers.
- The majority freeholders or managing agents in Hampstead Garden Suburb charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Hampstead Garden Suburb.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Hampstead Garden Suburb conveyancing firm to act on my behalf?
in cases where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the price.
An example of a Lease Extension case for a Hampstead Garden Suburb flat is FFF, 37 and Garage 1, Queensborough Court North Circular Road in September 2012. The Tribunal determined that the premium for the lease extension should be £67,037 This case affected 1 flat. The the unexpired residue of the current lease was 23.66 years.