I have just appointed agents to market my 2 bed flat in Walthamstow.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge invoice – Do I pay up?

It best that you pay the service charge 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.

My wife and I purchased a leasehold flat in Walthamstow. Conveyancing and Nationwide Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Walthamstow who acted for me is not around.Any advice?

The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Walthamstow conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, 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 apartments in Walthamstow both have about forty five years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Walthamstow is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Walthamstow conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you provide any top tips for leasehold conveyancing in Walthamstow from the point of view of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Walthamstow can be bypassed if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers conveyancers.
• If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Walthamstow leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such alterations. Should you fail to have the approvals to hand you should not contact the landlord without contacting your conveyancer before hand.
• If you have had conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as historic as opposed to unresolved.
• If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Obtaining a new share certificate can be a lengthy process and delays many a Walthamstow conveyancing deal. If a reissued share is required, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.
• You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

I am the leaseholder of a ground floor flat in Walthamstow. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?

in cases where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to arrive at the amount due.

An example of a Freehold Enfranchisement case for a Walthamstow property 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 affected 2 flats. The the unexpired term as at the valuation date was 72.02 years.

In relation to leasehold conveyancing in Walthamstow what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Walthamstow. All leases is drafted differently and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the premises
• 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 problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Leeds Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

Walthamstow Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing

The majority of Walthamstow leasehold apartments will be liable to pay a service charge for maintenance of the block levied by the landlord. Should you buy the flat you will have to meet this charge, normally periodically during the year. This can be anything from a few hundred pounds to thousands of pounds for large purpose-built blocks. In all probability there will be a ground rent for you to pay yearly, normally this is not a exorbitant sum, say approximately £25-£75 but you should to enquire as on occasion it could be surprisingly expensive. The answer will be important as a) areas may result in problems in the building as the communal areas may start to deteriorate where repairs remain unpaid b) if the leasehold owners have an issue with the managing agents you will want to know about it What is the length of the lease?