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

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Kimbolton leasehold conveyancing: Q and A’s

I have just started marketing my 2 bed flat in Kimbolton.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge invoice – what should I do?

The sensible thing to do is clear 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. Having a clear account will assist your cause and will leave you no worse off financially.

My wife and I purchased a leasehold flat in Kimbolton. Conveyancing and The Mortgage Works mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Kimbolton who acted for me is not around.What should I do?

First make enquiries of HMLR to be sure that this person is indeed the new freeholder. It is not necessary to instruct a Kimbolton conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

What are your top tips when it comes to choosing a Kimbolton conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Kimbolton conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Kimbolton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

  • Can they put you in touch with client in Kimbolton who can give a testimonial?
  • What are the costs for lease extension work?

    • Do you have any advice for leasehold conveyancing in Kimbolton from the point of view of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Kimbolton can be bypassed if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the buyers representatives.
    • A minority of Kimbolton leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 purchasers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to ongoing.
  • If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Obtaining a re-issued share certificate is often a time consuming process and slows down many a Kimbolton conveyancing deal. Where a new share is necessary, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but you should double-check via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is under 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • What makes a Kimbolton lease unmortgageable?

    Leasehold conveyancing in Kimbolton is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the property
    • 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

    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. National Westminster Bank, Virgin Money, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

    Leasehold Conveyancing in Kimbolton - Examples of Queries Prior to buying

      How is the lease structured? How much is the ground rent and service charge? What prohibitions exist in the Kimbolton Lease?

    Other Topics

    Lease Extensions in Kimbolton