Holland Park leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Holland Park. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and most are in Holland Park - 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.
I am intending to sublet my leasehold flat in Holland Park. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Your lease dictates the relationship between the landlord and you the flat owner; in particular, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Holland Park do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure 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 issues purchasing a leasehold house in Holland Park. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
Most houses in Holland Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Holland Park so you should seriously consider looking for a Holland Park conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is part of an estate. Your conveyancer should advise you fully on all the issues.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £300000 maisonette in Holland Park on Tuesday in a week. The freeholder has quoted £348 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Holland Park?
Holland Park conveyancing on leasehold flats normally necessitates the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to assist. They may levy a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it is in excess of £800. The administration charge demanded by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. In reality you have little choice but to pay whatever is requested of you if you want to sell the property.
After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Holland Park. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to assess the premium.
An example of a Lease Extension case for a Holland Park property is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case related to 1 flat. The the unexpired term as at the valuation date was 37.79 years.
What makes a Holland Park lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Holland Park. All leases are individual and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Leeds Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.