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Recently asked questions relating to New Waltham leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in New Waltham. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is registered - and 99.9% are in New Waltham - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in New Waltham. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

Most houses in New Waltham are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in New Waltham in which case you should be shopping around for a New Waltham conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

I've recently bought a leasehold flat in New Waltham. Do I have any liability for service charges for periods before my ownership?

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. However, your landlord may still be able to take action to forfeit the lease. A critical element 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).

Do you have any top tips for leasehold conveyancing in New Waltham from the point of view of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in New Waltham can be bypassed if you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ representatives.
  • The majority freeholders or managing agents in New Waltham charge for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in New Waltham.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? New Waltham leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. If you fail to have the paperwork to hand you should not communicate with the landlord without contacting your conveyancer before hand.
  • A minority of New Waltham leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly 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.
  • If there is a history of 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 reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as over as opposed to unsettled.

    • All being well we will complete the disposal of our £250000 maisonette in New Waltham next Wednesday . The management company has quoted £372 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in New Waltham?

    New Waltham conveyancing on leasehold flats more often than not involves the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to assist. They are at liberty invoice 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 cases it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, without which the invoice is not strictly payable. Reality however dictates that one has little option but to pay whatever is demanded if you want to complete the sale of your home.

    I own a leasehold flat in New Waltham, conveyancing formalities finalised 2005. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in New Waltham with a long lease are worth £267,000. The ground rent is £60 per annum. The lease ceases on 21st October 2078

    You have 53 years remaining on your lease we estimate the premium for your lease extension to be between £37,100 and £42,800 as well as costs.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in New Waltham