Sample questions relating to Walthamstow Village leasehold conveyancing
My partner and I may need to sub-let our Walthamstow Village basement flat for a while due to a new job. We used a Walthamstow Village conveyancing practice in 2002 but they have since shut and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
The lease governs the relationship between the landlord and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Walthamstow Village do not prevent subletting altogether – such a provision would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I only have Seventy years unexpired on my lease in Walthamstow Village. I am keen to get lease extension but my landlord is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the lessor. In some cases an enquiry agent may be helpful to try and locate and prepare a report which can be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor both on proving the landlord’s absence and the vesting order request to the County Court overseeing Walthamstow Village.
I am tempted by the attractive purchase price for a two maisonettes in Walthamstow Village both have in the region of fifty years remaining on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease reduces and results in it becoming more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena
Last month I purchased a leasehold house in Walthamstow Village. Do I have any liability for service charges for periods before 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £375000 apartment in Walthamstow Village in just under a week. The freeholder has quoted £348 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Walthamstow Village?
Walthamstow Village conveyancing on leasehold maisonettes often involves the buyer’s conveyancer submitting questions for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be willing to assist. They are at liberty levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is above £800. The administration charge levied by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is demanded if you want to sell the property.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Walthamstow Village conveyancing firm to help?
Most certainly. We are happy to put you in touch with a Walthamstow Village conveyancing firm who can help.
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 was in relation to 2 flats. The the unexpired residue of the current lease was 64 years.