Examples of recent questions relating to leasehold conveyancing in Walthamstow
I would like to let out my leasehold flat in Walthamstow. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
The lease dictates the relationship between the freeholder and you the flat owner; specifically, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Walthamstow do not prevent subletting altogether – such a clause would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
Due to exchange soon on a leasehold property in Walthamstow. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Walthamstow should include some of the following:
- Will you be prohibited or prevented from having pets in the property?
I have just started marketing my ground floor apartment in Walthamstow.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge demand – Do I pay up?
It best that you 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 management companies 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. This will smooth the conveyancing process.
I am employed by a busy estate agency in Walthamstow where we have witnessed a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Walthamstow conveyancing firms. Can you clarify whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
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 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 before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
Do you have any top tips for leasehold conveyancing in Walthamstow from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Walthamstow can be avoided where you get in touch lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ representatives.
- The majority landlords or Management Companies in Walthamstow levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Walthamstow.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Walthamstow conveyancing firm to represent me?
Most certainly. We are happy to put you in touch with a Walthamstow conveyancing firm who can help.
An example of a Freehold Enfranchisement decision 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 affected 2 flats. The remaining number of years on the lease was 72.02 years.