I am on look out for some leasehold conveyancing in Kensington. Before diving in I would like to find out the number of years remaining on the lease.

If the lease is registered - and 99.9% are in Kensington - 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.

Expecting to exchange soon on a leasehold property in Kensington. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Kensington should include some of the following:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

I own a leasehold flat in Kensington. Conveyancing and Virgin Money mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Kensington who previously acted has now retired.Any advice?

First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Kensington conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two apartments in Kensington which have in the region of fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Kensington is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of purchasers and lenders, leases with less than eighty 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 premises 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 premises 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 Kensington 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.

I am the proprietor of a ground floor flat in Kensington. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?

if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to calculate the price.

An example of a Lease Extension matter before the tribunal for a Kensington flat is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case affected 1 flat. The the number of years remaining on the existing lease(s) was 37.79 years.

When it comes to leasehold conveyancing in Kensington what are the most frequent lease defects?

Leasehold conveyancing in Kensington is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Bank of Scotland, and Bank of Ireland 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 provide security, forcing the purchaser to withdraw.

Other Topics

Lease Extensions in Kensington