Planning to sign contracts shortly on a basement flat in Walthamstow Village. Conveyancing lawyers assured me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Walthamstow Village should include some of the following:

• The total extent of the demise. This will be the property itself but could also incorporate a loft or basement if appropriate.

I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Walthamstow Village. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Walthamstow Village ?

The majority of houses in Walthamstow Village are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Walthamstow Village in which case you should be shopping around for a Walthamstow Village conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your solicitor will appraise you on the various issues.

I am attracted to a couple of flats in Walthamstow Village both have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Walthamstow Village is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and lenders, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 property 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. More often than not it is possible to negotiate informally with the freeholder to extend 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 any new 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.

Last month I purchased a leasehold flat in Walthamstow Village. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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 have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Walthamstow Village conveyancing firm to help?

Most certainly. 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 related to 2 flats. The unexpired lease term was 64 years.

In relation to leasehold conveyancing in Walthamstow Village what are the most common lease problems?

Leasehold conveyancing in Walthamstow Village is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• 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 issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Bank of Scotland, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.