Harold Park leasehold conveyancing: Q and A’s
I am intending to sublet my leasehold flat in Harold Park. 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 freeholder and you the leaseholder; in particular, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Harold Park do not prevent an absolute prevention of 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 duplicate of the sublease.
Having checked my lease I have discovered that there are only 68 years left on my lease in Harold Park. I need to get lease extension but my landlord is absent. What are my options?
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 enable the lease to be lengthened by the Court. You will be obliged to prove that you have done all that could be expected to locate the lessor. On the whole a specialist should be useful to conduct investigations and prepare a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the application to the County Court covering Harold Park.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Harold Park. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Harold Park ?
Most houses in Harold Park are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Harold Park in which case you should be looking for a Harold Park conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will advise you fully on all the issues.
I am tempted by the attractive purchase price for a two maisonettes in Harold Park both have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena
Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in Harold Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We are happy to put you in touch with a Harold Park conveyancing firm who can help.
An example of a Lease Extension case for a Harold Park property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The remaining number of years on the lease was 57.5 years.
When it comes to leasehold conveyancing in Harold Park what are the most common lease defects?
Leasehold conveyancing in Harold Park is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- 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
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Coventry Building Society, and Bank of Ireland all have express conveyancing instructions 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 grant the mortgage, obliging the buyer to withdraw.
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