Top Five Questions relating to Walthamstow leasehold conveyancing
Helen (my wife) and I may need to let out our Walthamstow ground floor flat temporarily due to a career opportunity. We instructed a Walthamstow conveyancing firm in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?
Even though your last Walthamstow conveyancing solicitor is no longer around you can review your lease to see if you are permitted to let out the premises. The accepted inference is that if the lease is silent, subletting is allowed. There may be a precondition that you must seek permission via your landlord or other appropriate person in advance of subletting. This means that you cannot sublet without first obtaining consent. The consent is not allowed to be unreasonably turned down. If your lease prohibits you from subletting the property you will need to ask your landlord for their consent.
I am looking at a two flats in Walthamstow which have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive 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 properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
Can you offer any advice when it comes to appointing a Walthamstow conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Walthamstow conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Walthamstow conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
Can you provide any top tips for leasehold conveyancing in Walthamstow with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Walthamstow can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers representatives.
- Some Walthamstow leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 solicitors.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Walthamstow conveyancing firm to act on my behalf?
Absolutely. We can put you in touch with a Walthamstow conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Walthamstow premises is 12 Nutfield Road in July 2014. the Tribunal judged that the price to be paid by the applicants for the freehold interest should be £19,572 This case related to 2 flats. The the number of years remaining on the existing lease(s) was 72.02 years.
When it comes to leasehold conveyancing in Walthamstow what are the most common lease defects?
Leasehold conveyancing in Walthamstow is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain provisions 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
- 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
You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Virgin Money, and Britannia 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.