Recently asked questions relating to Knightsbridge leasehold conveyancing
I am intending to sublet my leasehold apartment in Knightsbridge. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
The lease dictates the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Knightsbridge do not contain strict prohibition on subletting – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
Due to complete next month on a studio apartment in Knightsbridge. Conveyancing solicitors inform me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Knightsbridge should include some of the following:
- Defining your legal entitlements in respect of common areas in the block.E.G., does the lease include a right of way over an accessway or hallways?
I am looking at a two maisonettes in Knightsbridge which have in the region of forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease decreases and results in it becoming more costly to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena
I work for a reputable estate agency in Knightsbridge where we have witnessed a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Knightsbridge conveyancing solicitors. Please can you clarify whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Completion in due on the disposal of our £150000 apartment in Knightsbridge next Tuesday . The landlords agents has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Knightsbridge?
Knightsbridge conveyancing on leasehold maisonettes usually requires the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be willing to assist. They are entitled invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge levied by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality you have little option but to pay whatever is requested of you should you wish to sell the property.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Knightsbridge conveyancing firm to help?
Absolutely. We can put you in touch with a Knightsbridge conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Knightsbridge flat is Flat 3 47 Cadogan Square in December 2010. the Tribunal determined that the premium payable to the landord by the leaseholder for the lease extension was £732,935 This case related to 1 flat. The remaining number of years on the lease was 13.33 years.
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