I have 7378 less than 75 years unexpired on my lease and need a lease extension for my apartment in North Kensington. Conveyancing solicitors on the Bank of Ireland panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 28/6/2025 the requirements read as follows :
Will my solicitor be raising enquiries concerning flooding during the conveyancing in North Kensington.
The risk of flooding is if increasing concern for solicitors dealing with homes in North Kensington. There are those who buy a house in North Kensington, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, however there are a various checks that can be initiated by the buyer or on a buyer’s behalf which should figure out the risks in North Kensington. The standard information given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to find out whether the premises has suffered from flooding. In the event that the property has been flooded in past and is not disclosed by the vendor, then a buyer may issue a compensation claim resulting from an incorrect response. A purchaser’s conveyancers may also carry out an enviro report. This should higlight whether there is any known flood risk. If so, further investigations should be initiated.
How does conveyancing in North Kensington differ for new build properties?
Most buyers of new build premises in North Kensington approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is built. This is because new home sellers in North Kensington usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in North Kensington or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in North Kensington I like with amenity areas and railway links in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in North Kensington in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan that many years may be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
What are your top tips when it comes to appointing a North Kensington conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a North Kensington conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non North Kensington conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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Can they put you in touch with clients in North Kensington who can give a testimonial?
Having spent years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in North Kensington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to make a decision on the premium.
An example of a Lease Extension decision for a North 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 related to 1 flat. The unexpired lease term was 37.79 years.
Two months into buying a residence in North Kensington. Conveyancing solicitor has told us the title is "Leasehold". Will this likely impact our Halifax valuation?
North Kensington conveyancing does not ordinarily involve leasehold houses. The main consideration here is the unexpired lease term and the ground rent. If it's 999 years with a peppercorn rent, it's virtually freehold, so it’s unlikely to impact the value too much.
At the other extreme, if it's, say, Sixty years it is bound to have a material effect on the value, and probably wouldn't be acceptable to the bank. The remaining lease term and ground rent will be set out in the lease which should be made available to your conveyancer.