South Kensington leasehold conveyancing Example Support Desk Enquiries
Having checked my lease I have discovered that there are only Seventy years left on my lease in South Kensington. I am keen to extend my lease but my landlord is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you have used your best endeavours to track down the lessor. On the whole a specialist should be useful to try and locate and prepare a report which can be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing South 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 subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in South Kensington. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in South Kensington ?
Most houses in South Kensington are freehold and not leasehold. This is one of the situations where 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 South Kensington so you should seriously consider shopping around for a South Kensington conveyancing solicitor and check that they are used to advising on 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 comes with conditions for example obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.
I am tempted by the attractive purchase price for a two flats in South Kensington which have approximately fifty years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena
I've recently bought a leasehold flat in South Kensington. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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. It is an essential part 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).
I have given up negotiating a lease extension in South Kensington. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to 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 affected 1 flat. The remaining number of years on the lease was 51.93 years.
In relation to leasehold conveyancing in South Kensington what are the most frequent lease problems?
Leasehold conveyancing in South Kensington is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- 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
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Norwich and Peterborough Building Society, and Barclays Direct all have express conveyancing instructions 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, obliging the buyer to pull out.
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