Is there a reason why leasehold purchase conveyancing in Kensington is more expensive?
Kensington leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Kensington so that I can attend their offices if required.
These days approved lawyers for banks undertake their work via Royal Mail, internet or over phone calls. This enables them to conduct the conveyancing transaction no matter where you live in the country. Nevertheless you should see if you have the option of attending the offices of your conveyancing lawyer if just in case this is required.
Are there restrictive covenants that are commonly identified during conveyancing in Kensington?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Kensington. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Kensington is the location of the property. What do you suggest?
Flying freeholds in Kensington are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Kensington you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kensington may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have recently realised that I have 72 years remaining on my flat in Kensington. I now wish to extend my lease but my landlord is absent. What are my options?
If you meet the appropriate requirements, 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 enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to track down the landlord. In some cases a specialist should be useful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the application to the County Court overseeing Kensington.
My wife and I have hit a brick wall in trying to purchase the freehold in Kensington. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the price.
An example of a Lease Extension case for a Kensington flat 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 number of years remaining on the existing lease(s) was 37.79 years.