South Kensington leasehold conveyancing Example Support Desk Enquiries
Due to complete next month on a ground floor flat in South Kensington. Conveyancing solicitors inform me that they are sending me a report tomorrow. 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 be sent a copy of the lease
Back In 2009, I bought a leasehold flat in South Kensington. Conveyancing and Platform Home Loans Ltd mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in South Kensington who acted for me is not around.What should I do?
First contact HMLR to be sure that this person is in fact the new freeholder. You do not need to instruct a South Kensington conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I work for a busy estate agency in South Kensington where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local South Kensington conveyancing solicitors. Could you shed some light as to whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
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 need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
What are your top tips when it comes to finding a South Kensington conveyancing practice to deal with our lease extension?
When appointing a property lawyer for your lease extension (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 work. We advise that you talk with two or three firms including non South Kensington conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How familiar is the practice with lease extension legislation?
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a South Kensington conveyancing firm to assist?
if there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Lease Extension case for a South Kensington property 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 was in relation to 1 flat. The the unexpired residue of the current lease was 51.93 years.
Are there frequently found deficiencies that you come across in leases for South Kensington properties?
Leasehold conveyancing in South Kensington is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements 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
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Royal Bank of Scotland, and Nottingham Building Society 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 does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
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