Questions and Answers: Knightsbridge leasehold conveyancing
I am in need of some leasehold conveyancing in Knightsbridge. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and most are in Knightsbridge - then the leasehold title will always include the basic details 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 only have Seventy years unexpired on my lease in Knightsbridge. I am keen to extend my lease but my landlord is can not be found. What should I do?
On the basis that 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. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the lessor. For most situations an enquiry agent should be helpful to conduct investigations and prepare an expert document which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Knightsbridge.
Looking forward to complete next month on a ground floor flat 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:
- How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of not letting the lease term falling below eighty years
I today plan to offer on a house that seems to be perfect, at a great figure which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Knightsbridge. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Knightsbridge ?
Most houses in Knightsbridge 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 clear that you are purchasing in Knightsbridge in which case you should be looking for a Knightsbridge conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your solicitor should report to you on the legal implications.
I am a negotiator for a reputable estate agency in Knightsbridge where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Knightsbridge conveyancing firms. Could you clarify whether the vendor of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. 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 extend the lease informally by agreement with the landlord 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.
I have given up negotiating a lease extension in Knightsbridge. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Knightsbridge conveyancing firm who can help.
An example of a Lease Extension case 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.