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

Notwithstanding that your previous Waltham conveyancing lawyer is not available you can check your lease to see if you are permitted to let out the premises. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you are obliged to seek permission from your landlord or other appropriate person prior to subletting. The net result is you not allowed to sublet without first obtaining consent. Such consent must not not be unreasonably refused ore delayed. If the lease prohibits you from subletting the property you should ask your landlord for their consent.

I have just appointed agents to market my ground floor flat in Waltham.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge demand – what should I do?

The sensible thing to do is clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am attracted to a couple of flats in Waltham which have approximately fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Waltham is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. 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 premises 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 Waltham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 employed by a reputable estate agency in Waltham where we have experienced a few flat sales put at risk due to short leases. I have received conflicting advice from local Waltham conveyancing solicitors. Please can you clarify whether the vendor of a flat can initiate 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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 purchaser.

Completion in due on the sale of our £500000 maisonette in Waltham next Wednesday . The freeholder has quoted £372 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Waltham?

Waltham conveyancing on leasehold apartments ordinarily necessitates administration charges invoiced by landlords agents :

• Answering pre-contract questions
• Where consent is required before sale in Waltham
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Waltham leasehold property is £350. For Waltham conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

Waltham Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing

Make sure you discover if there is anything that is prohibited in the lease. For example it is very common in Waltham leases that pets are not allowed in in a block in Waltham. If you like the propertyin Waltham however your dog is not allowed to make the move with you then you will be faced hard choice. Who manages the building? You should want to discover as much as you can about the company managing the block as they will either make living at the property much simpler or a lot more difficult. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to every day matters like the upkeep of the communal areas. Ask other people what they think of them. On a final note, find out the dates that you are obliged pay the maintenance charge to the relevant party and specifically what you get for your money.

Other Topics

Lease Extensions in Waltham