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Questions and Answers: Waltham leasehold conveyancing

I have just appointed agents to market my 2 bed flat in Waltham.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge demand – what should I do?

The sensible thing to do is discharge the service charge 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 a negotiator for a reputable estate agency in Waltham where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Waltham conveyancing solicitors. Please can you confirm whether the seller of a flat can commence the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

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.

Do you have any advice for leasehold conveyancing in Waltham with the aim of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Waltham can be avoided where you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
  • The majority landlords or Management Companies in Waltham charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Waltham.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Waltham state that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such alterations. Where you fail to have the consents to hand you should not communicate with the landlord without checking with your lawyer in advance.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share document. Organising a re-issued share certificate is often a lengthy formality and slows down many a Waltham conveyancing deal. Where a new share certificate is required, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be wise to verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • All being well we will complete our sale of a £325000 maisonette in Waltham in just under a week. The managing agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Waltham?

    Waltham conveyancing on leasehold maisonettes usually requires the buyer’s conveyancer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They are at liberty charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some cases it exceeds £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the invoice is technically not due. In reality you have no option but to pay whatever is requested of you if you want to complete the sale of your home.

    Are there common defects that you come across in leases for Waltham properties?

    Leasehold conveyancing in Waltham is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the premises
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Bank of Scotland, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.

    Waltham Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing

      What is the service charge and ground rent on the flat? Who is in charge of the block? The prefered form of lease structure is where the freehold interest is in the ownership of the leaseholders. In this arrangement the tenants have being in charge if their destiny and even though a managing agent is often employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.

    Other Topics

    Lease Extensions in Waltham