Quality lawyers for Leasehold Conveyancing in Newbury Park

While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Newbury Park, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Newbury Park leasehold conveyancing: Q and A’s

My husband and I may need to sub-let our Newbury Park garden flat temporarily due to a new job. We instructed a Newbury Park conveyancing practice in 2002 but they have since shut and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?

A small minority of properties in Newbury Park do contain a provision to say that subletting is only allowed with permission. 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 consent.

Expecting to complete next month on a studio apartment in Newbury Park. Conveyancing solicitors have said that they report fully tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Newbury Park should include some of the following:

  • How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Are pets allowed in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • What you can do if a neighbour breach a clause of their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Newbury Park please ask your lawyer in ahead of your conveyancing in Newbury Park

  • I've found a house that seems to meet my requirements, at a great price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Newbury Park. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

    The majority of houses in Newbury Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Newbury Park in which case you should be looking for a Newbury Park conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should appraise you on the various issues.

    I am tempted by the attractive purchase price for a couple of flats in Newbury Park both have about 50 years left on the leases. Do I need to be concerned?

    There are no two ways about it. A leasehold apartment in Newbury Park is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat 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 premises 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 Newbury 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

    Last month I purchased a leasehold property in Newbury Park. Am I liable to pay service charges relating to a period prior to completion of my purchase?

    Where the service charge has already been demanded from the previous owner 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

    After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Newbury Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    Most definitely. We can put you in touch with a Newbury Park conveyancing firm who can help.

    An example of a Lease Extension case for a Newbury Park flat is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case related to 1 flat. The remaining number of years on the lease was 60.29 years.

    Other Topics

    Lease Extensions in Newbury Park