Recently asked questions relating to Keston leasehold conveyancing
Having checked my lease I have discovered that there are only Fifty years left on my lease in Keston. I now wish to get lease extension but my freeholder is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you have done all that could be expected to track down the freeholder. For most situations an enquiry agent may be helpful to conduct investigations and to produce a report to be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Keston.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Keston. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Keston are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Keston in which case you should be shopping around for a Keston conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.
I am attracted to a two maisonettes in Keston which have in the region of fifty years left on the lease term. Will this present a problem?
There are plenty of short leases in Keston. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena
Last month I purchased a leasehold property in Keston. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, 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 trying to reach an agreement for a lease extension in Keston. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Keston conveyancing firm who can help.
An example of a Lease Extension decision for a Keston property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined 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 £30,541 This case affected 1 flat. The unexpired term was 50.57 years.
When it comes to leasehold conveyancing in Keston what are the most common lease problems?
Leasehold conveyancing in Keston is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Bank of Scotland, and TSB all have express 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 purchaser to withdraw.
Other Topics