Examples of recent questions relating to leasehold conveyancing in North Kensington
I only have Seventy years unexpired on my lease in North Kensington. I now want to extend my lease but my landlord is absent. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to track down the freeholder. On the whole an enquiry agent should be helpful to try and locate and prepare a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to investigating the landlord’s disappearance and the application to the County Court covering North Kensington.
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 all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in North Kensington. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
Most houses in North Kensington are freehold rather than 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 apparent that you are buying 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. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I am tempted by the attractive purchase price for a couple of maisonettes in North Kensington both have approximately fifty years unexpired on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in North Kensington is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the premises. For most purchasers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat 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 property 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I am employed by a long established estate agency in North Kensington where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local North Kensington conveyancing solicitors. Please can you confirm whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
Completion in due on our sale of a £400000 apartment in North Kensington next Monday . The managing agents has quoted £324 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in North Kensington?
North Kensington conveyancing on leasehold flats often involves the purchaser’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to address such questions the majority will be willing to assist. They may invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee demanded by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the invoice is technically not due. In reality one has little option but to pay whatever is demanded if you want to complete the sale of your home.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a North Kensington conveyancing firm to act on my behalf?
if there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the LVT to determine the amount due.
An example of a Lease Extension matter before the tribunal 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 related to 1 flat. The unexpired term was 37.79 years.
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