Sample questions relating to Kennington leasehold conveyancing
Helen (my wife) and I may need to rent out our Kennington garden flat temporarily due to a new job. We used a Kennington conveyancing firm in 2001 but they have closed and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
Even though your previous Kennington conveyancing solicitor is not available you can review your lease to see if it allows you to sublet the premises. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you need to seek consent from your landlord or some other party before subletting. The net result is that you cannot sublet in the absence of prior consent. Such consent should not be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
Looking forward to exchange soon on a garden flat in Kennington. Conveyancing solicitors 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 Kennington should include some of the following:
- An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
I’m about to sell my basement flat in Kennington.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear 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 managing agents 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 tempted by the attractive purchase price for a couple of maisonettes in Kennington both have in the region of forty five years remaining on the lease term. Will this present a problem?
A lease is a right to use the premises for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this arena
After months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Kennington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to judgment on the amount due.
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 unexpired lease term was 74.77 years.
What makes a Kennington lease problematic?
Leasehold conveyancing in Kennington is not unique. All leases are individual and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and Alliance & Leicester all have express conveyancing instructions 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 pull out.