Due to exchange soon on a studio apartment in Walthamstow Village. Conveyancing solicitors inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
• Does the lease prohibit wood flooring?
• Whether the lease restricts you from letting out the property, or working from home
• Repair and maintenance of the flat
• What options are open to you if a neighbour is in violation of a provision in their lease?
• What the implications are if you breach a clause of your lease?

I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Walthamstow Village. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

The majority of houses in Walthamstow Village are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Walthamstow Village so you should seriously consider looking for a Walthamstow Village conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your conveyancer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a couple of flats in Walthamstow Village which have about 50 years left on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Walthamstow Village. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area

I work for a reputable estate agent office in Walthamstow Village where we have witnessed a few flat sales derailed due to short leases. I have received conflicting advice from local Walthamstow Village conveyancing firms. Please can you shed some light as to whether the vendor of a flat can commence the lease extension formalities 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 commence 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 before, or at the same time as completion of the sale.

An alternative approach is 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 buyer.

Do you have any advice for leasehold conveyancing in Walthamstow Village with the aim of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Walthamstow Village can be reduced where you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers 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 discover 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 Village.
• In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Walthamstow Village state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord consenting to such works. Where you fail to have the paperwork to hand do not contact the landlord without checking with your conveyancer in the first instance.
• Some Walthamstow Village leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
• You believe that you know the number of years left on your lease but it would be advisable double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

I have given up seeking a lease extension in Walthamstow Village. Can the Leasehold Valuation Tribunal adjudicate on premiums?

Absolutely. 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 flat 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 remaining number of years on the lease was 64 years.

I invested in buying a ground floor flat in Walthamstow Village, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Walthamstow Village with a long lease are worth £180,000. The average or mid-range amount of ground rent is £60 per annum. The lease ends on 21st October 2096

With only 70 years unexpired we estimate the price of your lease extension to span between £13,300 and £15,400 as well as legals.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.