Experts for Leasehold Conveyancing in Kennington

When it comes to leasehold conveyancing in Kennington, you will need to chose a conveyancing lawyer with leasehold experience. Whether your lender is to be Clydesdale , Yorkshire Building Society or Bradford & Bingley be sure to find a lawyer on their panel. Feel free to use our search tool

Kennington leasehold conveyancing Example Support Desk Enquiries

Back In 2007, I bought a leasehold house in Kennington. Conveyancing and Chelsea Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Kennington who previously acted has long since retired.Any advice?

The first thing you should do is contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Kennington conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two flats in Kennington which have about forty five years left on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Kennington. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this field

I've recently bought a leasehold flat in Kennington. Am I liable to pay service charges for periods before completion of my purchase?

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. However, 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 reputable estate agent office in Kennington where we have witnessed a number of flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Kennington conveyancing firms. Please can you confirm whether the vendor of a flat can instigate the lease extension process for the buyer?

Provided that 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 buyer need not have to sit tight for 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 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 purchaser.

We have reached the end of our tether in trying to purchase the freehold in Kennington. Can this matter be resolved via the Leasehold Valuation Tribunal?

Where there is a missing freeholder 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 make a decision on the amount due.

An example of a Lease Extension case for a Kennington premises 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 related to 1 flat. The remaining number of years on the lease was 74.77 years.

In relation to leasehold conveyancing in Kennington what are the most common lease problems?

Leasehold conveyancing in Kennington is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions 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 premises
  • A duty to insure the building
  • 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

You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Leeds Building Society, and Barclays Direct all have very detailed 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, obliging the buyer to pull out.

Other Topics

Lease Extensions in Kennington