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Questions and Answers: Kingston Vale leasehold conveyancing

I am on look out for some leasehold conveyancing in Kingston Vale. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and almost all are in Kingston Vale - 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 just started marketing my ground floor apartment in Kingston Vale.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge demand – what should I do?

It best that you pay the service charge 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 unless 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 am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Kingston Vale. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

The majority of houses in Kingston Vale are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Kingston Vale in which case you should be shopping around for a Kingston Vale conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your solicitor will advise you fully on all the issues.

I am attracted to a two maisonettes in Kingston Vale both have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Kingston Vale is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a residence 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. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

I inherited a basement flat in Kingston Vale. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?

in cases where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to decide the sum to be paid.

An example of a Freehold Enfranchisement matter before the tribunal for a Kingston Vale premises 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 was in relation to 3 flats. The remaining number of years on the lease was 66.25 years.

Are there frequently found deficiencies that you see in leases for Kingston Vale properties?

There is nothing unique about leasehold conveyancing in Kingston Vale. Most leases are individual and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

  • A provision to repair to or maintain parts of the property
  • A duty to insure the building
  • Clauses dealing with recovering service charges for expenditure on the building or common parts.
  • Maintenance charge proportions which don’t add up to the correct percentage

You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

Other Topics

Lease Extensions in Kingston Vale