Experts for Leasehold Conveyancing in South Kensington

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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in South Kensington, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in South Kensington

Expecting to complete next month on a leasehold property in South Kensington. Conveyancing lawyers have said that they are sending me a report within the next couple of days. What should I be looking out for?

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

  • You should receive a copy of the lease
  • Whether the lease restricts you from letting out the property, or having a home office for business
  • Whether your lease has a provision for a reserve fund?
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • What you can do if a neighbour breach a clause of their lease?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in South Kensington please ask your solicitor in advance of your conveyancing in South Kensington

    • I am attracted to a couple of maisonettes in South Kensington which have approximately forty five years unexpired on the lease term. Do I need to be concerned?

    There are no two ways about it. A leasehold apartment in South 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 salability of the property. The majority of purchasers and mortgage companies, leases with under 75 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 premises 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 South Kensington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

    What advice can you give us when it comes to appointing a South Kensington conveyancing practice to carry out our lease extension conveyancing?

    If you are instructing a property lawyer for lease extension works (regardless if they are a South Kensington conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non South Kensington conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

    • How experienced is the firm with lease extension legislation?
  • How many lease extensions has the firm carried out in South Kensington in the last 12 months?

    • Can you provide any top tips for leasehold conveyancing in South Kensington from the point of view of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in South Kensington can be bypassed where you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers solicitors.
    • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in South Kensington state that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such changes. Should you dont have the consents to hand you should not contact the landlord without checking with your conveyancer before hand.
  • Some South 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. Any bank reference should make it clear that the buyer is financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Arranging a duplicate share certificate is often a time consuming formality and frustrates many a South Kensington conveyancing deal. If a duplicate share certificate is needed, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 80 years. It is therefore essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Following years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in South Kensington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    Most certainly. We can put you in touch with a South Kensington conveyancing firm who can help.

    An example of a Lease Extension decision for a South Kensington premises is Flat 16 21/22 Stanhope Gardens in November 2010. the Leasehold Valuation Tribunal concluded that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993, was £106,975 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 51.93 years.

    What makes a South Kensington lease problematic?

    Leasehold conveyancing in South Kensington is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • 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

    You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.

    Other Topics

    Lease Extensions in South Kensington