Walthamstow leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Walthamstow. Before diving in I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Walthamstow - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have just appointed agents to market my garden flat in Walthamstow.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear 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 management companies 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've recently bought a leasehold flat in Walthamstow. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee 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).
I work for a reputable estate agent office in Walthamstow where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Walthamstow conveyancing solicitors. Please can you confirm whether the owner of a flat can initiate 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible 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 buyer.
Completion in due on the disposal of our £150000 garden flat in Walthamstow on Friday in a week. The freeholder has quoted £336 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Walthamstow?
Walthamstow conveyancing on leasehold flats more often than not necessitates the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be willing to do so. They may charge a reasonable charge 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 over three hundred pounds, in some situations it is in excess of £800. The administration charge invoiced by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, without which the invoice is technically not due. In reality you have little option but to pay whatever is requested of you should you wish to sell the property.
After years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Walthamstow. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. 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 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 unexpired term was 72.02 years.