Kingsbury leasehold conveyancing: Q and A’s
I’m about to sell my ground floor apartment in Kingsbury.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear 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.
I today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Kingsbury. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Kingsbury ?
The majority of houses in Kingsbury are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Kingsbury in which case you should be shopping around for a Kingsbury conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should appraise you on the various issues.
Do you have any advice for leasehold conveyancing in Kingsbury from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Kingsbury can be bypassed if you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers.
- The majority landlords or Management Companies in Kingsbury levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Kingsbury.
We expect to complete our sale of a £450000 apartment in Kingsbury next Wednesday . The managing agents has quoted £408 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Kingsbury?
Kingsbury conveyancing on leasehold maisonettes usually necessitates the buyer’s conveyancer submitting 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 administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, 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 charge is technically not due. In reality you have little choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Kingsbury conveyancing firm to assist?
in cases where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the LVT to calculate the premium.
An example of a Lease Extension matter before the tribunal for a Kingsbury premises is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 70.25 years.
What are the frequently found deficiencies that you come across in leases for Kingsbury properties?
There is nothing unique about leasehold conveyancing in Kingsbury. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the property
- 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
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Leeds Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.