Frequently asked questions relating to Walthamstow Village leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Walthamstow Village. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Walthamstow Village - then the leasehold title will always include the basic details 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 2 bed flat in Walthamstow Village.Conveyancing has not commenced but I have just had a yearly service charge demand – what should I do?
The sensible thing to do is 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. Having a clear account will assist your cause and will leave you no worse off financially.
I work for a busy estate agent office in Walthamstow Village where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Walthamstow Village conveyancing solicitors. Could you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner 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. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is 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.
Can you offer any advice when it comes to choosing a Walthamstow Village conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Walthamstow Village conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Walthamstow Village conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- What volume of lease extensions have they conducted in Walthamstow Village in the last twenty four months?
If all goes to plan we aim to complete our sale of a £150000 garden flat in Walthamstow Village on Monday in a week. The landlords agents has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Walthamstow Village?
Walthamstow Village conveyancing on leasehold apartments normally necessitates fees being levied by landlords agents :
- Answering pre-contract enquiries
- Where consent is required before sale in Walthamstow Village
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I own a garden flat in Walthamstow Village. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
Where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to determine the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Walthamstow Village residence is 32 Howard Road in June 2012. the Tribunal held that premium payable for the freehold reversion should be £35,825 This case affected 2 flats. The the unexpired term as at the valuation date was 64 years.