Common questions relating to Kentish Town leasehold conveyancing
I've recently bought a leasehold property in Kentish Town. Do I have any liability for service charges relating to a period prior to my ownership?
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. However, 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 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).
Can you offer any advice when it comes to finding a Kentish Town conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Kentish Town conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Kentish Town conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Kentish Town with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Kentish Town can be reduced where you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the buyers lawyers.
- The majority freeholders or managing agents in Kentish Town charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Kentish Town.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £175000 garden flat in Kentish Town next week. The landlords agents has quoted £360 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Kentish Town?
Kentish Town conveyancing on leasehold apartments often requires the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be content to assist. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the invoice is not strictly payable. In reality one has no option but to pay whatever is demanded should you wish to complete the sale of your home.
Following months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Kentish Town. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We can put you in touch with a Kentish Town conveyancing firm who can help.
An example of a Lease Extension decision for a Kentish Town premises 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 related to 1 flat. The the unexpired term as at the valuation date was 64.77 years.
In relation to leasehold conveyancing in Kentish Town what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Kentish Town. All leases are unique and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- 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 problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Coventry Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.