Questions and Answers: Holland Park leasehold conveyancing
Due to exchange soon on a basement flat in Holland Park. Conveyancing lawyers have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Holland Park should include some of the following:
- You should receive a copy of the lease
I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Holland Park. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Holland Park are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Holland Park in which case you should be shopping around for a Holland Park conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I own a leasehold flat in Holland Park. Conveyancing and Barnsley Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Holland Park who acted for me is not around.Any advice?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Holland Park conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a reputable estate agent office in Holland Park where we see a number of flat sales put at risk as a result of short leases. I have received contradictory information from local Holland Park conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 top tips for leasehold conveyancing in Holland Park from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Holland Park can be reduced if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
- The majority freeholders or managing agents in Holland Park levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Holland Park.
After months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Holland Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We are happy to put you in touch with a Holland Park conveyancing firm who can help.
An example of a Lease Extension case for a Holland Park premises is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case related to 1 flat. The the unexpired residue of the current lease was 37.79 years.