Frequently asked questions relating to Kenton leasehold conveyancing
I am hoping to sign contracts shortly on a basement flat in Kenton. Conveyancing lawyers inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Kenton should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
Estate agents have just been given the go-ahead to market my garden flat in Kenton.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge demand – what should I do?
The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am employed by a long established estate agency in Kenton where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Kenton conveyancing solicitors. Can you clarify whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as 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 proposed purchaser 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 prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 Kenton conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Kenton conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Kenton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- If the firm is not ALEP accredited then what is the reason?
Do you have any advice for leasehold conveyancing in Kenton from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Kenton can be reduced where you get in touch lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers.
- If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Kenton leases often stipulate that internal structural changes or installing wooden flooring require a licence from the Landlord approving such changes. Should you dont have the paperwork to hand do not communicate with the landlord without contacting your lawyer before hand.
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Kenton. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to arrive at the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Kenton flat is 139/139A Masons Avenue in February 2010. this was a case with an absentee freeholder. As a result the leaseholders applied to Willesden County Court for an order dispensing with the giving of a notice of claim.14th October 2009 District Judge Brar granted a vesting order and the court directed that the matter should be transferred to this tribunal to determine the freehold premium. The tribunal concluded on a figure of £13,000 for the freehold interest This case affected 1 flat. The the unexpired term as at the valuation date was 74 years.