Having had my offer accepted I require leasehold conveyancing in New Covent Garden. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and most are in New Covent Garden - 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.

Harry (my fiance) and I may need to let out our New Covent Garden ground floor flat for a while due to taking a sabbatical. We instructed a New Covent Garden conveyancing practice in 2001 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?

Notwithstanding that your last New Covent Garden conveyancing solicitor is no longer available you can check your lease to see if you are permitted to let out the property. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you are obliged to obtain permission via your landlord or some other party in advance of subletting. The net result is you not allowed to sublet without prior permission. Such consent should not be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you should ask your landlord for their consent.

I have just appointed agents to market my garden apartment in New Covent Garden.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am looking at a two maisonettes in New Covent Garden both have approximately 50 years unexpired on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in New Covent Garden is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a residence 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 New Covent Garden conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Are there frequently found problems that you come across in leases for New Covent Garden properties?

Leasehold conveyancing in New Covent Garden is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations 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

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Royal Bank of Scotland, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.

Leasehold Conveyancing in New Covent Garden - Sample of Questions you should consider before buying

How many of the leaseholders are in arrears for their maintenance charge payments? Be sure to discover if the the lease contains any adverse restrictions in the lease. For instance it is fairly common in New Covent Garden leases that pets are not allowed in in a block in New Covent Garden. If you love the flatin New Covent Garden yet your dog is not allowed to live with you then you will be presented with a difficult compromise. How much is the maintenance charge and ground rent on the property?

Other Topics

Lease Extensions in New Covent Garden