West Kensington leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in West Kensington. Before I get started I want to be sure as to the remaining lease term.
If the lease is registered - and almost all are in West Kensington - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am hoping to sign contracts shortly on a ground floor flat in West Kensington. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in West Kensington should include some of the following:
- Does the lease require carpeting throughout thus preventing wood flooring?
Can you offer any advice when it comes to choosing a West Kensington conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a West Kensington conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non West Kensington conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- Can they put you in touch with client in West Kensington who can give a testimonial?
Can you provide any top tips for leasehold conveyancing in West Kensington from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in West Kensington can be bypassed if you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- Many freeholders or managing agents in West Kensington levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in West Kensington.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a West Kensington conveyancing firm to represent me?
You certainly can. We are happy to put you in touch with a West Kensington conveyancing firm who can help.
An example of a Lease Extension case for a West 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 was in relation to 1 flat. The unexpired lease term was 37.79 years.
What makes a West Kensington lease defective?
There is nothing unique about leasehold conveyancing in West Kensington. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- 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 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. Halifax, The Mortgage Works, and Barclays Direct 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 defective they may refuse to provide security, forcing the purchaser to pull out.