Frequently asked questions relating to Walworth leasehold conveyancing
I today plan to offer on a house that appears to be perfect, at a great figure which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Walworth. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Walworth are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Walworth so you should seriously consider shopping around for a Walworth conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.
My wife and I purchased a leasehold house in Walworth. Conveyancing and Nationwide Building Society mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Walworth who acted for me is not around.Any advice?
First contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Walworth conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of maisonettes in Walworth both have approximately fifty years unexpired on the leases. Do I need to be concerned?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena
Do you have any top tips for leasehold conveyancing in Walworth from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Walworth can be reduced where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Walworth leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord acquiescing to such works. Should you dont have the paperwork in place you should not contact the landlord without contacting your solicitor in advance.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £475000 garden flat in Walworth in just under a week. The managing agents has quoted £300 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Walworth?
For the majority of leasehold sales in Walworth conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-contract enquiries
- Where consent is required before sale in Walworth
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a second floor flat in Walworth. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to calculate the premium.
An example of a Freehold Enfranchisement case for a Walworth residence is 28 Valmar Road in June 2013. this was a case with an absentee freeholder. As a result the leaseholders applied to the Lambeth County Court for an order dispensing with the giving of a notice of claim. On 25 April 2013 District Judge Zimmels made a vesting order and directed that the matter should be transferred to this tribunal to determine the premium. The tribunal concluded on a figure of £1,125 This case affected 3 flats. The the number of years remaining on the existing lease(s) was 968 years.
Other Topics