Fixed-fee leasehold conveyancing in Park Royal:

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Questions and Answers: Park Royal leasehold conveyancing

Having checked my lease I have discovered that there are only Sixty One years remaining on my flat in Park Royal. I now want to extend my lease but my freeholder is can not be found. What should I do?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you have done all that could be expected to track down the landlord. On the whole a specialist may be helpful to conduct investigations and prepare a report to be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court covering Park Royal.

I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Park Royal. Conveyancing solicitors have are about to be instructed. Will they explain the issues?

Most houses in Park Royal are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Park Royal so you should seriously consider looking for a Park Royal conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your conveyancer will appraise you on the various issues.

What are your top tips when it comes to finding a Park Royal conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Park Royal conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Park Royal 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 of use:

  • What volume of lease extensions has the firm conducted in Park Royal in the last 12 months?
  • What are the charges for lease extension work?

    • Can you provide any top tips for leasehold conveyancing in Park Royal from the perspective of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Park Royal can be bypassed where you appoint lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
    • The majority freeholders or Management Companies in Park Royal levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Park Royal.
  • Some Park Royal leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than unresolved.
  • If you hold a share in a the freehold, you should make sure that you have the original share certificate. Obtaining a replacement share certificate is often a lengthy formality and delays many a Park Royal conveyancing transaction. If a reissued share certificate is required, do contact the company director and secretary or managing agents (where applicable) for this sooner rather than later.

    • Following years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Park Royal. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the price payable.

    An example of a Lease Extension decision for a Park Royal residence is 99 Connell Crescent in May 2013. the Tribunal held that the relevant sum for the purposes of the lease extension should be £72,566 to be paid by the leaseholder This case related to 1 flat. The unexpired lease term was 28.42 years.

    In relation to leasehold conveyancing in Park Royal what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Park Royal. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Virgin Money, and Britannia all have very detailed 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 purchaser to pull out.

    Other Topics

    Lease Extensions in Park Royal