Experts for Leasehold Conveyancing in Belsize Park

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Questions and Answers: Belsize Park leasehold conveyancing

My partner and I may need to rent out our Belsize Park 1st floor flat for a while due to a career opportunity. We instructed a Belsize Park conveyancing firm in 2003 but they have since shut and we did not think at the time seek any advice as to whether the lease allows us to sublet. How do we find out?

The lease dictates the relationship between the landlord and you the flat owner; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Belsize Park do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

Expecting to exchange soon on a ground floor flat in Belsize Park. Conveyancing lawyers assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

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

  • The physical extent of the property. This will be the flat itself but could also incorporate a roof space or basement if appropriate.
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • You should have a good understanding of the insurance provisions
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • Responsibility for repairing the window frames
  • 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 Belsize Park please ask your conveyancer in advance of your conveyancing in Belsize Park

    • Last month I purchased a leasehold property in Belsize Park. Am I liable to pay service charges relating to a period prior to completion of my purchase?

    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. However, 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 ensure 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).

    What advice can you give us when it comes to finding a Belsize Park conveyancing practice to deal with our lease extension?

    If you are instructing a conveyancer for your lease extension (regardless if they are a Belsize Park conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Belsize Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

    • How many lease extensions has the firm conducted in Belsize Park in the last year?
  • Can they put you in touch with client in Belsize Park who can give a testimonial?

    • Can you provide any top tips for leasehold conveyancing in Belsize Park from the point of view of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Belsize Park can be avoided where you appoint lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
    • The majority freeholders or managing agents in Belsize Park charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have 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 common reason for frustration in leasehold conveyancing in Belsize Park.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Belsize Park state that internal structural changes or installing wooden flooring require a licence issued by the Landlord acquiescing to such works. If you fail to have the paperwork to hand you should not contact the landlord without checking with your lawyer first.
  • A minority of Belsize Park leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Organising a new share certificate is often a time consuming process and slows down many a Belsize Park conveyancing transaction. If a new share is necessary, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.

    • I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Belsize Park conveyancing firm to act on my behalf?

    in cases where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to judgment on the price payable.

    An example of a Lease Extension decision for a Belsize Park residence is First Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case affected 2 flats. The remaining number of years on the lease was 16.83 and 16.43.

    Other Topics

    Lease Extensions in Belsize Park