Top Five Questions relating to Harold Park leasehold conveyancing
I want to let out 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 small minority of properties in Harold Park do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates 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 permission.
Looking forward to sign contracts shortly on a ground floor flat in Harold Park. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Harold Park should include some of the following:
- Are pets allowed in the flat?
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Harold Park. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Harold Park 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 Harold Park so you should seriously consider looking for a Harold Park conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your lawyer will report to you on the legal implications.
I am attracted to a couple of apartments in Harold Park both have approximately forty five years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Harold Park is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most purchasers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Harold Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
All being well we will complete the sale of our £200000 apartment in Harold Park in just under a week. The managing agents has quoted £372 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Harold Park?
Harold Park conveyancing on leasehold apartments often involves the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to assist. They are at liberty levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee required by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the charge is technically not due. In reality you have little option but to pay whatever is demanded should you wish to sell the property.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Harold Park conveyancing firm to act on my behalf?
if there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the premium.
An example of a Lease Extension case for a Harold Park premises 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 was in relation to 1 flat. The the unexpired residue of the current lease was 57.5 years.