My husband and I may need to rent out our Hyde Park ground floor flat temporarily due to a new job. We instructed a Hyde Park conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?

A lease governs relations between the freeholder and you the flat owner; specifically, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Hyde Park do not prevent subletting altogether – such a clause would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.

There are only Seventy years left on my lease in Hyde Park. I am keen to get lease extension but my freeholder is can not be found. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the freeholder. For most situations an enquiry agent may be helpful to carry out a search and to produce an expert document which can be used as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Hyde Park.

I have just appointed agents to market my ground floor apartment in Hyde Park.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge demand – what should I do?

It best that you pay 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 unless 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. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Hyde Park. Conveyancing solicitors have not yet been appointed. Will they explain the issues?

Most houses in Hyde Park are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Hyde Park in which case you should be looking for a Hyde Park conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor will advise you fully on all the issues.

I am attracted to a couple of flats in Hyde Park which have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Hyde Park. The lease is a right to use the premises for a period of time. As a lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. 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 extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area

Hyde Park Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying

The prefered form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this arrangement the lessees enjoy being in charge if their destiny and even though a managing agent is often retained if the building is larger than a house conversion, the managing agent is directed by the tenants. Its a good idea to find out as much as possible about the managing agents as they can either make your life much easier or problematic. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to practical issues such as the upkeep of the communal areas. Don't be shy to ask other tenants if they are happy with them. Finally, be sure you understand the dates that the maintenance fees are due to the managing agents and precisely what it includes. Best to be warned if a new roof is being installed or some other significant cost is due in the near future to be shared between the tenants and will dramatically increase the the maintenance costs or necessitate a specific invoice.

Other Topics

Lease Extensions in Hyde Park