Examples of recent questions relating to leasehold conveyancing in Upper Walthamstow
I am in need of some leasehold conveyancing in Upper Walthamstow. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Upper Walthamstow - 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.
Planning to sign contracts shortly on a ground floor flat in Upper Walthamstow. Conveyancing lawyers inform me that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Upper Walthamstow should include some of the following:
- You should receive a copy of the lease
I am a negotiator for a busy estate agency in Upper Walthamstow where we have experienced a few flat sales derailed as a result of short leases. I have been given conflicting advice from local Upper Walthamstow conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
What are your top tips when it comes to choosing a Upper Walthamstow conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Upper Walthamstow conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Upper Walthamstow conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- Can they put you in touch with client in Upper Walthamstow who can give a testimonial?
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Upper Walthamstow conveyancing firm to represent me?
Absolutely. We are happy to put you in touch with a Upper Walthamstow conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Upper Walthamstow flat is 32 Howard Road in June 2012. the Tribunal held that premium payable for the freehold reversion should be £35,825 This case related to 2 flats. The unexpired term was 64 years.
In relation to leasehold conveyancing in Upper Walthamstow what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Upper Walthamstow. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections 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.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Coventry Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to withdraw.