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Top Five Questions relating to Parsons Green leasehold conveyancing

I wish to rent out my leasehold apartment in Parsons Green. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

A lease dictates the relationship between the freeholder and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Parsons Green do not contain subletting altogether – 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 supplying a copy of the sublease.

Planning to sign contracts shortly on a basement flat in Parsons Green. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. What should I be looking out for?

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

  • You should receive a copy of the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a reserve fund?
  • Repair and maintenance of the flat
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Parsons Green please ask your solicitor in ahead of your conveyancing in Parsons Green

    • Back In 2007, I bought a leasehold flat in Parsons Green. Conveyancing and Lloyds TSB Bank mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Parsons Green who previously acted has long since retired.Any advice?

    First make enquiries of HMLR to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Parsons Green conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am attracted to a couple of apartments in Parsons Green both have approximately forty five years left on the leases. Will this present a problem?

    There are plenty of short leases in Parsons Green. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area

    Do you have any top tips for leasehold conveyancing in Parsons Green from the point of view of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Parsons Green can be avoided if you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers solicitors.
    • Many landlords or Management Companies in Parsons Green levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Parsons Green.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Parsons Green state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord approving such changes. Should you fail to have the approvals to hand do not contact the landlord without contacting your conveyancer before hand.
  • If you have had any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be warry about purchasing a flat where a dispute is unresolved. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unresolved.
  • If you hold a share in a the Management Company, you should ensure that you hold the original share document. Arranging a duplicate share certificate is often a time consuming process and slows down many a Parsons Green home move. Where a reissued share certificate is required, you should approach the company officers or managing agents (where applicable) for this sooner rather than later.

    • I am the proprietor of a ground-floor 1950’s flat in Parsons Green. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?

    You certainly can. We can put you in touch with a Parsons Green conveyancing firm who can help.

    An example of a Freehold Enfranchisement case for a Parsons Green residence is 66 and 66a Wardo Avenue in November 2012. The Tribunal determined that the sum of £8,048 is payable by the Applicants in respect of the price for the freehold of the property This case was in relation to 2 flats. The the unexpired term as at the valuation date was 93 years and 162 years.

    Other Topics

    Lease Extensions in Parsons Green