Fixed-fee leasehold conveyancing in Upper Walthamstow:

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When it comes to leasehold conveyancing in Upper Walthamstow, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your lender is to be Lloyds, Yorkshire Building Society or NatWest make sure you choose a lawyer on their panel. Find a Upper Walthamstow conveyancing lawyer with our search tool

Common questions relating to Upper Walthamstow leasehold conveyancing

I’m about to sell my basement apartment in Upper Walthamstow.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a couple of apartments in Upper Walthamstow which have approximately forty five years unexpired on the lease term. Will this present a problem?

A lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

Last month I purchased a leasehold house in Upper Walthamstow. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation where the service charge has already been demanded from the previous owner 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 ensure 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).

Can you provide any advice for leasehold conveyancing in Upper Walthamstow from the point of view of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Upper Walthamstow can be reduced if you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers representatives.
  • Many landlords or managing agents in Upper Walthamstow levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Upper Walthamstow.
  • A minority of Upper Walthamstow leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you hold a share in a the Management Company, you should ensure that you have the original share document. Obtaining a duplicate share certificate is often a lengthy formality and frustrates many a Upper Walthamstow home move. Where a reissued share is necessary, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but you should double-check by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the remaining number of years is less than 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Upper Walthamstow. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to arrive at the price payable.

    An example of a Freehold Enfranchisement matter before the tribunal 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 the number of years remaining on the existing lease(s) was 64 years.

    When it comes to leasehold conveyancing in Upper Walthamstow what are the most common lease defects?

    Leasehold conveyancing in Upper Walthamstow is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the property
    • Insurance obligations
    • 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 can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Skipton Building Society, and Bank of Ireland 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 defective they may refuse to provide security, obliging the purchaser to pull out.

    Other Topics

    Lease Extensions in Upper Walthamstow