I am buying a house for cash in Knightsbridge. I have lived for the last dozen years in Knightsbridge. Conveyancing searches are expensive. As I have knowledge of the road and vicinity very well should I not bother getting the solicitor to do all the conveyancing searches?
Provided that you do not need a home loan, then all but one or two of the Knightsbridge conveyancing searches are optional. Your conveyancer will 'advise', perhaps strongly, that you should have searches carried out, but she is duty bound to do this. One thing to bear in mind; if you are likely to sell the house in the future, it will be of interest to your prospective purchaser what the searches reveal. On occasion houses with apparent issues can still reveal negative search results. A good conveyancing solicitor in Knightsbridge should be able to give you some helpful advice here.
I own a freehold property in Knightsbridge but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Knightsbridge and has limited impact for conveyancing in Knightsbridge but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
A colleague suggested that where I am buying in Knightsbridge I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Knightsbridge conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Knightsbridge around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Knightsbridge Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Knightsbridge Education with plans and statistics, Local Amenities and other useful data concerning Knightsbridge.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Knightsbridge?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Knightsbridge. 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…’
About to purchase a new build apartment in Knightsbridge. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Knightsbridge
-
Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Following months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Knightsbridge. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We are happy to put you in touch with a Knightsbridge conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Knightsbridge flat is Flat 3 47 Cadogan Square in December 2010. the Tribunal determined that the premium payable to the landord by the leaseholder for the lease extension was £732,935 This case was in relation to 1 flat. The unexpired term as at the valuation date was 13.33 years.
What makes a Knightsbridge lease problematic?
There is nothing unique about leasehold conveyancing in Knightsbridge. Most leases are drafted differently and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
-
A duty to insure the building
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Mortgage Works, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.