Common questions relating to Walthamstow Village leasehold conveyancing
There are only Seventy years remaining on my lease in Walthamstow Village. I am keen to get lease extension but my freeholder is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to find the freeholder. On the whole an enquiry agent should be useful to try and locate and prepare a report to be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Walthamstow Village.
I am looking at a two apartments in Walthamstow Village both have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Walthamstow Village is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and lenders, leases with under 75 years become less and less attractive. On a more upbeat 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 premises 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 Village 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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 advice for leasehold conveyancing in Walthamstow Village with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Walthamstow Village can be reduced where you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
- The majority landlords or managing agents in Walthamstow Village levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Walthamstow Village.
If all goes to plan we aim to complete our sale of a £450000 flat in Walthamstow Village in nine days. The landlords agents has quoted £312 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Walthamstow Village?
Walthamstow Village conveyancing on leasehold maisonettes usually necessitates the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be content to do so. They may charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The administration charge levied by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, without which the charge 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.
After years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Walthamstow Village. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We can put you in touch with a Walthamstow Village conveyancing firm who can help.
An example of a Freehold Enfranchisement case 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 was in relation to 2 flats. The unexpired term was 64 years.
What makes a Walthamstow Village lease defective?
There is nothing unique about leasehold conveyancing in Walthamstow Village. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- 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
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Bank of Scotland, and Nottingham Building Society all have very detailed requirements 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.