Common questions relating to Kennington leasehold conveyancing
I’m about to sell my ground floor apartment in Kennington.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay 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.
I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Kennington. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Kennington ?
Most houses in Kennington are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Kennington so you should seriously consider looking for a Kennington conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should appraise you on the various issues.
I am a negotiator for a busy estate agent office in Kennington where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Kennington conveyancing solicitors. Please can you clarify whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
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 buyer can avoid having 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.
An alternative approach is 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.
We expect to complete the sale of our £300000 apartment in Kennington in just under a week. The managing agents has quoted £372 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Kennington?
Kennington conveyancing on leasehold apartments usually necessitates fees being invoiced by managing agents :
- Completing pre-contract questions
- Where consent is required before sale in Kennington
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the proprietor of a garden flat in Kennington. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
Most certainly. We can put you in touch with a Kennington conveyancing firm who can help.
An example of a Lease Extension case for a Kennington flat is Ground Floor Flat 39 Bronsart Road in May 2010. Following a vesting order by West London County Court the Leasehold Valuation Tribunal concluded that the price to be paid for the extended lease of the premises was Thirteen Thousand Two hundred pounds (£13,200) in accordance with the valuation. The extended lease was granted for a term of 90 years from the expiry date of the Lease and at a peppercorn ground rent from the date of the vesting order. This case affected 1 flat. The the unexpired term as at the valuation date was 74.77 years.
What makes a Kennington lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Kennington. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- 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
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Mortgage Works, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
Other Topics