Notting Hill leasehold conveyancing Example Support Desk Enquiries
Estate agents have just been given the go-ahead to market my 2 bed apartment in Notting Hill.Conveyancing is yet to be initiated but I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Notting Hill. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Notting Hill ?
Most houses in Notting Hill are freehold and not 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 apparent that you are purchasing in Notting Hill so you should seriously consider looking for a Notting Hill conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
I am employed by a busy estate agent office in Notting Hill where we see a few flat sales derailed as a result of short leases. I have been given conflicting advice from local Notting Hill conveyancing solicitors. Can you shed some light as to whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 prior to, or simultaneously with completion of the sale.
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 purchaser.
If all goes to plan we aim to complete the disposal of our £400000 garden flat in Notting Hill next Wednesday . The management company has quoted £336 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Notting Hill?
For most leasehold sales in Notting Hill conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract questions
- Where consent is required before sale in Notting Hill
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the proprietor of a ground flat in Notting Hill. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
in cases where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to calculate the price payable.
An example of a Lease Extension decision for a Notting Hill residence is 2 Grove House 95 Addison Road in October 2013. the Tribunal decided that the premium to bepaid for a new lease is £50,050. This case was in relation to 1 flat. The unexpired lease term was 68.4 years.
What makes a Notting Hill lease unmortgageable?
Leasehold conveyancing in Notting Hill is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and Britannia 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 buyer to withdraw.