Frequently asked questions relating to Kew leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Kew. 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 Kew - then the leasehold title will always include the basic details 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.
Due to exchange soon on a basement flat in Kew. Conveyancing solicitors inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Kew should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
I’m about to sell my basement flat in Kew.Conveyancing has not commenced but I have just had a quarterly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the invoice 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 managing agents 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.
Last month I purchased a leasehold property in Kew. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner 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. A critical element 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).
I am a negotiator for a busy estate agent office in Kew where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Kew conveyancing firms. Can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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.
I have had difficulty in trying to reach an agreement for a lease extension in Kew. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Kew conveyancing firm who can help.
An example of a Lease Extension decision for a Kew property is Flat 1 30 Ennismore Avenue in September 2010. the Tribunal adopted and arrived at a premium for the lease extension of £29, 900 This case related to 1 flat. The the unexpired term as at the valuation date was 68.34 years.