Leasehold Conveyancing in Marshalls Park - Get a Quote from the leasehold experts approved by your lender

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Marshalls Park leasehold conveyancing: Q and A’s

I wish to sublet my leasehold flat in Marshalls Park. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Some leases for properties in Marshalls Park do contain a provision to say that subletting is only permitted with prior consent from the landlord. 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 permission.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Marshalls Park. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

Most houses in Marshalls Park are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Marshalls Park in which case you should be shopping around for a Marshalls Park 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 tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your conveyancer should advise you fully on all the issues.

I am tempted by the attractive purchase price for a two apartments in Marshalls Park which have in the region of forty five years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Marshalls Park. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field

I've recently bought a leasehold property in Marshalls Park. 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 lessee 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. 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).

Do you have any top tips for leasehold conveyancing in Marshalls Park with the aim of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Marshalls Park can be bypassed where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
  • If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Marshalls Park state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Where you dont have the approvals to hand you should not communicate with the landlord without checking with your lawyer first.
  • A minority of Marshalls Park leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly 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 purchasers or their solicitors.
  • If you have had any disputes with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and pay 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unsettled.
  • If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Organising a duplicate share certificate is often a lengthy formality and delays many a Marshalls Park home move. Where a reissued share is required, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.

    • I acquired a 1 bedroom flat in Marshalls Park, conveyancing having been completed 1996. Can you work out an approximate cost of a lease extension? Equivalent properties in Marshalls Park with over 90 years remaining are worth £246,000. The average or mid-range amount of ground rent is £45 yearly. The lease expires on 21st October 2089

    With just 64 years left to run we estimate the premium for your lease extension to span between £14,300 and £16,400 plus plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Marshalls Park