Fixed-fee leasehold conveyancing in Holland Park:

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Frequently asked questions relating to Holland Park leasehold conveyancing

I am on look out for some leasehold conveyancing in Holland Park. Before diving in I require certainty as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Holland Park - then the leasehold title will always include the basic details 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.

Estate agents have just been given the go-ahead to market my ground floor apartment in Holland Park.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

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 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. Having a clear account will assist your cause and will leave you no worse off financially.

Last month I purchased a leasehold property in Holland Park. Am I liable to pay service charges for periods before my ownership?

In a situation 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. Strange as it may seem, 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 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).

Can you provide any top tips for leasehold conveyancing in Holland Park with the aim of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Holland Park can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
  • Many 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 actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Holland Park.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Holland Park leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such works. Should you dont have the consents to hand you should not communicate with the landlord without checking with your conveyancer first.
  • A minority of Holland Park leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is less than 75 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • If all goes to plan we aim to complete the disposal of our £200000 garden flat in Holland Park next Tuesday . The managing agents has quoted £360 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Holland Park?

    Holland Park conveyancing on leasehold flats usually necessitates the purchaser’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be content to do so. They may charge a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The administration charge required by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, without which the charge is technically not due. In reality one has little choice but to pay whatever is demanded if you want to complete the sale of your home.

    I inherited a ground-floor 1950’s flat in Holland Park. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?

    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 matter before the tribunal for a Holland Park residence 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 was in relation to 1 flat. The the unexpired residue of the current lease was 37.79 years.

    Other Topics

    Lease Extensions in Holland Park