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

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When it comes to leasehold conveyancing in Kimbolton, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your lender is to be Santander, RBS or Nationwide make sure you choose a lawyer on their approved list. Feel free to use our search tool

Frequently asked questions relating to Kimbolton leasehold conveyancing

Planning to exchange soon on a leasehold property in Kimbolton. Conveyancing solicitors inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Kimbolton should include some of the following:

  • How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
  • The physical extent of the property. This will be the property itself but might include a roof space or basement if appropriate.
  • Setting out your legal entitlements in relation to common areas in the block.For example, does the lease include a right of way over an accessway or hallways?
  • You should be told what constitutes a Nuisance in the lease
  • Changes to the flat (alterations and additions)
  • 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
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For details of the information to be contained in your report on your leasehold property in Kimbolton please enquire of your conveyancer in advance of your conveyancing in Kimbolton

    • I have just appointed agents to market my garden apartment in Kimbolton.Conveyancing has not commenced but I have just had a quarterly maintenance charge invoice – Do I pay up?

    It best that you clear the invoice 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 managing agents 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. This will smooth the conveyancing process.

    Last month I purchased a leasehold property in Kimbolton. Do I have any liability for service charges for periods before completion of my purchase?

    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. However, 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).

    I am a negotiator for a long established estate agency in Kimbolton where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Kimbolton conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?

    As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

    Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

    Do you have any advice for leasehold conveyancing in Kimbolton from the perspective of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Kimbolton can be reduced where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
    • Many freeholders or Management Companies in Kimbolton levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Kimbolton.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Kimbolton state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such changes. If you dont have the paperwork to hand you should not contact the landlord without checking with your lawyer in advance.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to 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 will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
  • If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Arranging a duplicate share certificate can be a lengthy formality and delays many a Kimbolton home move. Where a reissued share is necessary, do contact the company officers or managing agents (if applicable) for this sooner rather than later.

    • I bought a 1 bedroom flat in Kimbolton, conveyancing was carried out 10 years ago. 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? Corresponding properties in Kimbolton with a long lease are worth £232,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ends on 21st October 2086

    With 62 years unexpired we estimate the premium for your lease extension to be between £21,900 and £25,200 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Kimbolton