Common questions relating to Kingston upon Thames leasehold conveyancing
I am on look out for some leasehold conveyancing in Kingston upon Thames. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is registered - and 99.9% are in Kingston upon Thames - 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 have recently realised that I have Fifty years remaining on my flat in Kingston upon Thames. I am keen to get lease extension but my freeholder is can not be found. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have done all that could be expected to find the freeholder. On the whole an enquiry agent should be helpful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Kingston upon Thames.
I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Kingston upon Thames. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Kingston upon Thames ?
The majority of houses in Kingston upon Thames are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Kingston upon Thames in which case you should be shopping around for a Kingston upon Thames conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.
Do you have any top tips for leasehold conveyancing in Kingston upon Thames from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Kingston upon Thames can be reduced where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
- The majority landlords or Management Companies in Kingston upon Thames charge for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding 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 cause of delay in leasehold conveyancing in Kingston upon Thames.
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Kingston upon Thames. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We are happy to put you in touch with a Kingston upon Thames conveyancing firm who can help.
An example of a Lease Extension case for a Kingston upon Thames premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.
When it comes to leasehold conveyancing in Kingston upon Thames what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Kingston upon Thames. All leases are unique and drafting errors can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Skipton Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.