Guaranteed fixed fees for Leasehold Conveyancing in North Kensington

When it comes to leasehold conveyancing in North Kensington, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your lender is to be Halifax, RBS or NatWest make sure you find a lawyer on their approved list. Find a North Kensington conveyancing lawyer with our search tool

North Kensington leasehold conveyancing: Q and A’s

Expecting to exchange soon on a ground floor flat in North Kensington. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in North Kensington should include some of the following:

  • How long the lease is 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
  • The physical extent of the property. This will be the apartment itself but might incorporate a loft or cellar if applicable.
  • You need to be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required For details of the information to be included in your report on your leasehold property in North Kensington please enquire of your lawyer in ahead of your conveyancing in North Kensington

  • I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in North Kensington. Conveyancing lawyers have not yet been 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 conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in North Kensington in which case you should be shopping around for a North Kensington conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.

    I am attracted to a two maisonettes in North Kensington both have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?

    There are no two ways about it. A leasehold apartment in North Kensington is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with North Kensington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    Last month I purchased a leasehold flat in North Kensington. Do I have any liability for 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. Strange as it may seem, 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).

    All being well we will complete the disposal of our £225000 flat in North Kensington in just under a week. The managing agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in North Kensington?

    North Kensington conveyancing on leasehold apartments normally requires the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is not legally bound to address these enquiries the majority will be willing to do so. They are at liberty invoice a reasonable administration fee 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 transactions it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, otherwise the charge is not strictly payable. In reality you have little option but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    After years of negotiations we cannot 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 freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the sum to be paid.

    An example of a Lease Extension decision for a North Kensington residence 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.

    Other Topics

    Lease Extensions in North Kensington