Leasehold Conveyancing in Kennington - Get a Quote from the leasehold experts approved by your lender

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Top Five Questions relating to Kennington leasehold conveyancing

I am in need of some leasehold conveyancing in Kennington. Before I get started I want to be sure as to the remaining lease term.

If the lease is registered - and almost all are in Kennington - then the leasehold title will always include the short particulars 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 appears to be perfect, at a great figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Kennington. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Kennington ?

The majority of houses in Kennington are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Kennington in which case you should be shopping around for a Kennington conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will appraise you on the various issues.

Last month I purchased a leasehold house in Kennington. Am I liable to pay service charges for periods before 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. 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).

If all goes to plan we aim to complete the sale of our £450000 maisonette in Kennington in just under a week. The management company has quoted £336 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 flats ordinarily results in administration charges levied by freeholders :

  • Answering conveyancing due diligence 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
Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Kennington leasehold property is £350. For Kennington conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide answers.

I have given up trying to purchase the freehold in Kennington. Can the Leasehold Valuation Tribunal adjudicate on premiums?

if there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the amount due.

An example of a Lease Extension matter before the tribunal 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 related to 1 flat. The the unexpired residue of the current lease was 74.77 years.

What makes a Kennington lease unmortgageable?

There is nothing unique about leasehold conveyancing in Kennington. All leases are unique and drafting errors can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:

  • Repairing obligations to or maintain parts of the premises
  • Insurance obligations
  • A provision for the recovery of money spent for the benefit of another party.
  • Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

Other Topics

Lease Extensions in Kennington