Recently asked questions relating to Park Royal leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Park Royal. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Park Royal - 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 wish to let out my leasehold apartment in Park Royal. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
The lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Park Royal do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
There are only Fifty years unexpired on my flat in Park Royal. I need to get lease extension but my freeholder is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you have made all reasonable attempts to find the landlord. In some cases an enquiry agent may be helpful to try and locate and to produce a report which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Park Royal.
I am attracted to a two flats in Park Royal which have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field
I've recently bought a leasehold flat in Park Royal. Am I liable to pay service charges relating to a period prior to my ownership?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
I am the proprietor of a second floor flat in Park Royal. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Most definitely. We are happy to put you in touch with a Park Royal conveyancing firm who can help.
An example of a Lease Extension decision for a Park Royal property 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 affected 1 flat. The unexpired term was 28.42 years.