Examples of recent questions relating to leasehold conveyancing in Holland Park
I am on look out for some leasehold conveyancing in Holland Park. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - 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.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Holland Park. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Holland Park ?
Most houses in Holland Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Holland Park in which case you should be looking for a Holland Park conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will report to you on the legal implications.
I am a negotiator for a long established estate agency in Holland Park where we see a number of leasehold sales put at risk as a result of short leases. I have received conflicting advice from local Holland Park conveyancing solicitors. Could you confirm whether the owner of a flat can initiate 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 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 disposal of the property.
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 buyer.
Do you have any advice for leasehold conveyancing in Holland Park with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Holland Park can be bypassed if you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers conveyancers.
- Many landlords or managing agents in Holland Park levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. 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.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Holland Park conveyancing firm to assist?
in cases where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to assess the price payable.
An example of a Lease Extension matter before the tribunal 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 affected 1 flat. The the unexpired residue of the current lease was 37.79 years.
What makes a Holland Park lease problematic?
Leasehold conveyancing in Holland Park is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You will encounter 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. Halifax, Virgin Money, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.