Common questions relating to Upper Walthamstow leasehold conveyancing
I have just started marketing my 2 bed flat in Upper Walthamstow.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should clear 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. This will smooth the conveyancing process.
I am tempted by the attractive purchase price for a couple of flats in Upper Walthamstow both have in the region of fifty years unexpired on the leases. Will this present a problem?
There are plenty of short leases in Upper Walthamstow. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease reduces and results in it becoming more costly to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena
I work for a reputable estate agent office in Upper Walthamstow where we see a number of flat sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Upper Walthamstow conveyancing solicitors. Please can you clarify whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-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 wait 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 disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
Completion in due on the disposal of our £450000 flat in Upper Walthamstow on Monday in a week. The freeholder has quoted £420 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Upper Walthamstow?
Upper Walthamstow conveyancing on leasehold maisonettes often involves the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be willing to assist. They may invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some situations it is above £800. The management information fee required by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality you have no choice but to pay whatever is demanded if you want to sell the property.
I am the proprietor of a first floor flat in Upper Walthamstow. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Absolutely. We can put you in touch with a Upper Walthamstow conveyancing firm who can help.
An example of a Freehold Enfranchisement decision 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 affected 2 flats. The the number of years remaining on the existing lease(s) was 64 years.
What makes a Upper Walthamstow lease problematic?
Leasehold conveyancing in Upper Walthamstow is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Virgin Money, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.