Leasehold Conveyancing in North Kensington - Get a Quote from the leasehold experts approved by your lender

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Leasehold conveyancing in North Kensington is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in North Kensington and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Top Five Questions relating to North Kensington leasehold conveyancing

I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in North Kensington. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in North Kensington are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in North Kensington so you should seriously consider shopping around for a North Kensington conveyancing practitioner and be sure 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 such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.

I've recently bought a leasehold house in North Kensington. Am I liable to pay service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

Can you offer any advice when it comes to choosing a North Kensington conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a North Kensington conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non North Kensington conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:

  • How familiar is the firm with lease extension legislation?
  • Can they put you in touch with client in North Kensington who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in North Kensington from the point of view of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in North Kensington can be bypassed if you appoint 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 buyers conveyancers.
    • If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you laid down wooden flooring? North Kensington leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Should you fail to have the consents to hand do not contact the landlord without checking with your solicitor in advance.
  • A minority of North Kensington leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unsettled.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share document. Arranging a re-issued share certificate is often a lengthy formality and frustrates many a North Kensington conveyancing transaction. If a new share certificate is necessary, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.

    • After months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in North Kensington. Can we issue an application to the Residential Property Tribunal Service?

    Where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to judgment on the price payable.

    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 affected 1 flat. The unexpired term was 37.79 years.

    Are there common problems that you witness in leases for North Kensington properties?

    There is nothing unique about leasehold conveyancing in North Kensington. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Chelsea Building Society, and Godiva Mortgages Ltd all have express 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 provide security, obliging the buyer to withdraw.

    Other Topics

    Lease Extensions in North Kensington