Sample questions relating to North Kensington leasehold conveyancing
I want to let out my leasehold apartment in North Kensington. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
The lease dictates the relationship between the landlord and you the leaseholder; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in North Kensington do not contain strict prohibition on subletting – such a provision 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 sublease.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in North Kensington. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in North Kensington are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in North Kensington so you should seriously consider shopping around for a North Kensington conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will report to you on the legal implications.
Last month I purchased a leasehold property in North Kensington. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Completion in due on the disposal of our £350000 garden flat in North Kensington next Monday . The management company has quoted £348 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in North Kensington?
North Kensington conveyancing on leasehold maisonettes often requires the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be willing to do so. They may charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
After months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in North Kensington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Lease Extension decision for a North Kensington property 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 was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 37.79 years.
Are there common problems that you see in leases for North Kensington properties?
Leasehold conveyancing in North Kensington is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- 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
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Coventry Building Society, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
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