Questions and Answers: Walthamstow leasehold conveyancing
I have just appointed agents to market my basement apartment in Walthamstow.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge demand – Do I pay up?
It best that you pay 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 unless 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.
My wife and I purchased a leasehold flat in Walthamstow. Conveyancing and HSBC Bank mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Walthamstow who acted for me is not around.Any advice?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Walthamstow conveyancing firm to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of maisonettes in Walthamstow both have in the region of 50 years left on the lease term. Do I need to be concerned?
A lease is a right to use the property for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
We expect to complete our sale of a £500000 garden flat in Walthamstow next Thursday . The management company has quoted £384 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Walthamstow?
Walthamstow conveyancing on leasehold maisonettes often requires the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be willing to do so. They are at liberty invoice a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee invoiced by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that one has little option but to pay whatever is demanded should you wish to complete the sale of your home.
Notwithstanding our best efforts, we have been unsuccessful in trying to reach an agreement for a lease extension in Walthamstow. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a Walthamstow conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Walthamstow flat 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 was in relation to 2 flats. The remaining number of years on the lease was 72.02 years.
What makes a Walthamstow lease problematic?
There is nothing unique about leasehold conveyancing in Walthamstow. All leases are individual and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You will 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. Halifax, The Mortgage Works, and Aldermore 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 problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.
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