Common questions relating to Holland Park leasehold conveyancing
My wife and I may need to let out our Holland Park 1st floor flat temporarily due to a career opportunity. We used a Holland Park conveyancing firm in 2002 but they have closed and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
A lease dictates relations between the freeholder and you the flat owner; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Holland Park do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
Having checked my lease I have discovered that there are only Sixty One years left on my lease in Holland Park. I am keen to get lease extension but my landlord is absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to prove that you have done all that could be expected to find the freeholder. In some cases a specialist would be helpful to carry out a search and prepare an expert document which can be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Holland Park.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Holland Park. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Holland Park ?
The majority of houses in Holland Park are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Holland Park so you should seriously consider shopping around for a Holland Park conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.
What advice can you give us when it comes to choosing a Holland Park conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Holland Park conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Holland Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- How many lease extensions has the firm conducted in Holland Park in the last twenty four months?
Following months of negotiations we are unable to 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?
Most certainly. We are happy to put you in touch with a Holland Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Holland Park flat 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 was in relation to 1 flat. The unexpired lease term was 37.79 years.
When it comes to leasehold conveyancing in Holland Park what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Holland Park. All leases are individual and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- 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 will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Bank of Scotland, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.