North Kensington leasehold conveyancing: Q and A’s
Looking forward to complete next month on a basement flat in North Kensington. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in North Kensington should include some of the following:
- You should receive a copy of the lease
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in North Kensington. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in North Kensington ?
The majority of houses in North Kensington are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in North Kensington in which case you should be shopping around for a North Kensington conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. 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 should report to you on the legal implications.
What advice can you give us when it comes to choosing a North Kensington conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a North Kensington conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non North Kensington conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:
- What volume of lease extensions has the firm carried out in North Kensington in the last year?
We expect to complete our sale of a £225000 flat in North Kensington next week. The management company has quoted £384 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in North Kensington?
For most leasehold sales in North Kensington conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in North Kensington
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a North Kensington conveyancing firm to help?
Most definitely. We can put you in touch with a North Kensington conveyancing firm who can help.
An example of a Lease Extension case for a North Kensington premises is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case related to 1 flat. The the number of years remaining on the existing lease(s) was 37.79 years.
When it comes to leasehold conveyancing in North Kensington what are the most common lease problems?
Leasehold conveyancing in North Kensington is not unique. Most leases are unique and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Norwich and Peterborough Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.