I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Walthamstow Village. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Walthamstow Village ?

The majority of houses in Walthamstow Village are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Walthamstow Village in which case you should be looking for a Walthamstow Village conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.

My wife and I purchased a leasehold flat in Walthamstow Village. Conveyancing and Clydesdale mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Walthamstow Village who acted for me is not around.What should I do?

The first thing you should do is make enquiries of the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Walthamstow Village conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I work for a busy estate agent office in Walthamstow Village where we see a few flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Walthamstow Village conveyancing firms. Please can you confirm whether the seller of a flat can start the lease extension formalities for the buyer?

As long as 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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 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 simultaneously with 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 purchaser.

Can you provide any top tips for leasehold conveyancing in Walthamstow Village with the aim of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Walthamstow Village can be reduced where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
• Many freeholders or managing agents in Walthamstow Village levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Walthamstow Village.
• If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you installed wooden flooring? Walthamstow Village leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such works. If you dont have the consents in place do not contact the landlord without contacting your lawyer first.
• If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable 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 hold the original share document. Organising a new share certificate can be a time consuming formality and slows down many a Walthamstow Village home move. If a new share is needed, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.

I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Walthamstow Village conveyancing firm to represent me?

in cases where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the sum to be paid.

An example of a Freehold Enfranchisement matter before the tribunal for a Walthamstow Village property is 32 Howard Road in June 2012. the Tribunal held that premium payable for the freehold reversion should be £35,825 This case related to 2 flats. The the unexpired term as at the valuation date was 64 years.

What makes a Walthamstow Village lease problematic?

There is nothing unique about leasehold conveyancing in Walthamstow Village. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Virgin Money, and Platform Home Loans Ltd all have express 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 withdraw.

I purchased a studio flat in Walthamstow Village, conveyancing formalities finalised 2009. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Walthamstow Village with a long lease are worth £266,000. The ground rent is £50 yearly. The lease terminates on 21st October 2079

With 53 years unexpired we estimate the price of your lease extension to be between £34,200 and £39,600 plus legals.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.