Kidbrooke leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Kidbrooke. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Kidbrooke - 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 am hoping to exchange soon on a studio apartment in Kidbrooke. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Kidbrooke should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
- Whether your lease has a provision for a sinking fund?
- The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
- Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
- Responsibility for repairing the window frames
- What the implications are if you breach a clause of your lease?
I am looking at a two apartments in Kidbrooke both have in the region of 50 years left on the lease term. should I be concerned?
There are plenty of short leases in Kidbrooke. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the marketability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area
Do you have any advice for leasehold conveyancing in Kidbrooke with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Kidbrooke can be reduced if 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 lawyers.
- Many landlords or managing agents in Kidbrooke levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Kidbrooke.
- If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Kidbrooke leases often stipulate that internal structural alterations or installing wooden flooring require a licence from the Landlord consenting to such changes. Should you dont have the paperwork to hand do not contact the landlord without checking with your solicitor in the first instance.
- If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Organising a new share certificate can be a lengthy process and delays many a Kidbrooke home move. Where a new share is needed, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
- You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is below 80 years. It is therefore important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.
Completion in due on our sale of a £ 325000 apartment in Kidbrooke in just under a week. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Kidbrooke?
Kidbrooke conveyancing on leasehold maisonettes usually requires the buyer’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be willing 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 costs for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee required 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. In reality you have no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Kidbrooke. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to assess the price payable.
An example of a Freehold Enfranchisement case for a Kidbrooke property is 18 Handen Road in April 2013. On 26 October 2012 District Judge Zimmels sitting at the Lambeth County Court made a Vesting Order that the Applicants be granted the right to acquire the freehold upon such terms and at such price determined by the LVT. The Tribunal arrived a figure of £39,535 as a valuation for the enfranchisement. This case affected 3 flats. The the unexpired term as at the valuation date was 69.05 years.
Kidbrooke Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing
-
Generally speaking the cost for major works are not incorporated into the maintenance charges, although a few managing agents in Kidbrooke require tenants to pay into a reserve fund and this is used to offset against larger repairs or maintenance.
Are there any major works in the near future that will increase the maintenance charges?