Questions and Answers: Kentish Town leasehold conveyancing
I am on look out for some leasehold conveyancing in Kentish Town. Before diving in I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Kentish Town - 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 today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Kentish Town. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Kentish Town ?
The majority of houses in Kentish Town are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Kentish Town so you should seriously consider looking for a Kentish Town conveyancing solicitor and be sure that they have experience in 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 to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. 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 lawyer should report to you on the legal implications.
I am employed by a long established estate agent office in Kentish Town where we have experienced a few leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Kentish Town conveyancing firms. Could you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
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 can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
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 buyer.
Can you offer any advice when it comes to appointing a Kentish Town conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Kentish Town conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Kentish Town conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- What volume of lease extensions has the firm conducted in Kentish Town in the last 12 months?
Completion in due on the sale of our £175000 maisonette in Kentish Town in just under a week. The landlords agents has quoted £360 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Kentish Town?
Kentish Town conveyancing on leasehold maisonettes more often than not involves the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to do so. They may levy a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to sell the property.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Kentish Town conveyancing firm to represent me?
in cases where 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 you can apply to the LVT to decide the amount due.
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 affected 1 flat. The remaining number of years on the lease was 64.77 years.