Ashford Kent leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Ashford Kent. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Ashford Kent - then the leasehold title will always include the short particulars 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.
I only have 68 years unexpired on my flat in Ashford Kent. I now want to extend my lease but my freeholder is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the freeholder. On the whole a specialist would be useful to carry out a search and to produce a report which can be used as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the application to the County Court overseeing Ashford Kent.
Can you provide any top tips for leasehold conveyancing in Ashford Kent with the aim of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Ashford Kent can be avoided if you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the buyers representatives.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Ashford Kent leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord acquiescing to such changes. Should you fail to have the approvals to hand you should not communicate with the landlord without contacting your solicitor in advance.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £450000 flat in Ashford Kent in 8 days. The management company has quoted £396 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Ashford Kent?
Ashford Kent conveyancing on leasehold flats usually necessitates the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries most will be willing to do so. They may levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to complete the sale of your home.
What makes a Ashford Kent lease defective?
There is nothing unique about leasehold conveyancing in Ashford Kent. All leases are individual and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- 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
You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Barnsley Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.
I am the registered owner of a ground floor flat in Ashford Kent, conveyancing was carried out 1998. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Ashford Kent with over 90 years remaining are worth £179,000. The ground rent is £55 yearly. The lease ceases on 21st October 2098
With only 73 years remaining on your lease the likely cost is going to range between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
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