Leasehold Conveyancing in New Waltham - Get a Quote from the leasehold experts approved by your lender

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Any conveyancing practice can theoretically handle your leasehold conveyancing in New Waltham, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Common questions relating to New Waltham leasehold conveyancing

I am intending to sublet my leasehold flat in New Waltham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

Some leases for properties in New Waltham do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I am looking at a two maisonettes in New Waltham both have approximately forty five years left on the lease term. should I be concerned?

There are no two ways about it. A leasehold apartment in New Waltham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a residence 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 New Waltham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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.

I am a negotiator for a reputable estate agent office in New Waltham where we have witnessed a number of flat sales jeopardised due to short leases. I have received contradictory information from local New Waltham conveyancing solicitors. Can you clarify whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has been the owner 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. The benefit of this is 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 disposal of the property.

Alternatively, it may be possible 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.

Can you offer any advice when it comes to appointing a New Waltham conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a New Waltham conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non New Waltham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

  • How experienced is the firm with lease extension legislation?
  • If the firm is not ALEP accredited then what is the reason?

    • Can you provide any top tips for leasehold conveyancing in New Waltham with the aim of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in New Waltham can be avoided where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
    • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? New Waltham leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such alterations. Should you fail to have the consents to hand you should not communicate with the landlord without contacting your conveyancer in advance.
  • Some New Waltham leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have had conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where a dispute is unresolved. You may need to swallow your pride and pay any arrears of service charge or settle 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 particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unsettled.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Organising a re-issued share certificate can be a time consuming formality and delays many a New Waltham home move. If a duplicate share is required, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.

    • New Waltham Conveyancing for Leasehold Flats - Sample of Queries before buying

      On the whole the cost for major works are not incorporated into the service charges, although some managing agents in New Waltham ask tenants to contribute towards a sinking fund created for the specific intention of building a fund for major repairs or maintenance. Is anyone aware of any major works anticipated that will increase the maintenance costs? The best form of lease structure is a share of the freehold. In this arrangement the lessees enjoy being in charge if their destiny and although a managing agent is frequently retained where the building is larger than a house conversion, the managing agent is directed by the tenants.

    Other Topics

    Lease Extensions in New Waltham