Questions and Answers: Kentish Town leasehold conveyancing
I am hoping to exchange soon on a garden flat in Kentish Town. Conveyancing lawyers inform me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Kentish Town should include some of the following:
- You should be sent a copy of the lease
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Kentish Town. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
The majority of houses in Kentish Town are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Kentish Town in which case you should be looking for a Kentish Town 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. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your lawyer will appraise you on the various issues.
I've recently bought a leasehold property in Kentish Town. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).
Can you provide any top tips for leasehold conveyancing in Kentish Town from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Kentish Town can be reduced where you get in touch lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Kentish Town leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord approving such changes. If you fail to have the consents to hand you should not contact the landlord without contacting your conveyancer first.
If all goes to plan we aim to complete the sale of our £325000 garden flat in Kentish Town next week. The landlords agents has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Kentish Town?
Kentish Town conveyancing on leasehold flats usually necessitates administration charges raised by management companies :
- Addressing pre-contract enquiries
- Where consent is required before sale in Kentish Town
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a ground flat in Kentish Town. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Most certainly. We are happy to put you in touch with a Kentish Town conveyancing firm who can help.
An example of a Lease Extension decision for a Kentish Town property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The the unexpired term as at the valuation date was 64.77 years.