Top Five Questions relating to Holland Park leasehold conveyancing
Due to exchange soon on a garden flat in Holland Park. Conveyancing lawyers inform me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Holland Park should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
Estate agents have just been given the go-ahead to market my ground floor apartment in Holland Park.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge 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 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.
Last month I purchased a leasehold house in Holland Park. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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 busy estate agent office in Holland Park where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Holland Park conveyancing solicitors. Can you confirm whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
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 can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is 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 buyer.
We expect to complete the sale of our £325000 flat in Holland Park next week. The landlords agents has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Holland Park?
For the majority of leasehold sales in Holland Park conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-contract questions
- Where consent is required before sale in Holland Park
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have given up trying to purchase the freehold in Holland Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a missing landlord or if 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 LVT to arrive at the price payable.
An example of a Lease Extension case for a Holland Park property 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 number of years remaining on the existing lease(s) was 37.79 years.