Questions and Answers: Kensal Green leasehold conveyancing
Planning to complete next month on a studio apartment in Kensal Green. Conveyancing lawyers inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Kensal Green should include some of the following:
- Are you allowed to have a pet in the flat?
I've found a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Kensal Green. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Kensal Green ?
Most houses in Kensal Green are freehold and not 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 buying in Kensal Green so you should seriously consider shopping around for a Kensal Green conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer will report to you on the legal implications.
I am attracted to a two maisonettes in Kensal Green both have in the region of forty five years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Kensal Green is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and banks, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Kensal Green conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you offer any advice when it comes to appointing a Kensal Green conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Kensal Green conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Kensal Green conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
All being well we will complete the sale of our £125000 garden flat in Kensal Green in nine days. The managing agents has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Kensal Green?
Kensal Green conveyancing on leasehold apartments nine out of ten times results in administration charges raised by landlords agents :
- Addressing conveyancing due diligence enquiries
- Where consent is required before sale in Kensal Green
- 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 tried to negotiate informally with with my landlord for a lease extension without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Kensal Green conveyancing firm to assist?
in cases where there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to calculate the amount due.
An example of a Lease Extension matter before the tribunal for a Kensal Green residence is 85A Chevening Road in August 2013. the Tribunals conclusions resulted in a payment of a premium for the new lease in the sum of £11,211 This case related to 1 flat. The remaining number of years on the lease was 84.34 years.