Top Five Questions relating to Kingston Vale leasehold conveyancing
I only have 68 years remaining on my lease in Kingston Vale. I now wish to extend my lease but my landlord is absent. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to track down the lessor. In some cases a specialist should be helpful to conduct investigations and to produce a report which can be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the application to the County Court covering Kingston Vale.
I am hoping to exchange soon on a leasehold property in Kingston Vale. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Kingston Vale should include some of the following:
- You should receive a copy of the lease
I've found a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Kingston Vale. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Kingston Vale ?
Most houses in Kingston Vale are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Kingston Vale in which case you should be shopping around for a Kingston Vale conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission 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 property is located on an estate. Your conveyancer will advise you fully on all the issues.
I am attracted to a couple of maisonettes in Kingston Vale which have in the region of 50 years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Kingston Vale is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Kingston Vale conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you provide any top tips for leasehold conveyancing in Kingston Vale with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Kingston Vale 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 buyers representatives.
- If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Kingston Vale state that internal structural alterations or laying down wooden flooring require a licence from the Landlord acquiescing to such alterations. If you fail to have the consents to hand do not contact the landlord without checking with your solicitor first.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Kingston Vale conveyancing firm to act on my behalf?
You certainly can. We are happy to put you in touch with a Kingston Vale conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Kingston Vale property is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case related to 3 flats. The remaining number of years on the lease was 66.25 years.