Knightsbridge leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Knightsbridge. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Knightsbridge - 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.
There are only 68 years remaining on my flat in Knightsbridge. I am keen to extend my lease but my freeholder is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application 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 magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to find the lessor. In some cases a specialist would be helpful to try and locate and to produce a report which can be used as evidence that the landlord can not be located. It is wise to seek advice from a solicitor in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Knightsbridge.
I am hoping to complete next month on a garden flat in Knightsbridge. Conveyancing solicitors have said that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Knightsbridge should include some of the following:
- The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
Do you have any top tips for leasehold conveyancing in Knightsbridge from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Knightsbridge can be reduced if you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- The majority landlords or Management Companies in Knightsbridge levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought 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 frequent cause of delay in leasehold conveyancing in Knightsbridge.
All being well we will complete the disposal of our £125000 garden flat in Knightsbridge in 8 days. The landlords agents has quoted £312 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Knightsbridge?
For most leasehold sales in Knightsbridge conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Knightsbridge
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Following years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Knightsbridge. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We can put you in touch with a Knightsbridge conveyancing firm who can help.
An example of a Lease Extension decision for a Knightsbridge premises 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 was in relation to 1 flat. The remaining number of years on the lease was 13.33 years.