Waltham Abbey leasehold conveyancing: Q and A’s
There are only 62 years unexpired on my lease in Waltham Abbey. I need to get lease extension but my landlord is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to find the freeholder. On the whole a specialist would be useful to try and locate and prepare an expert document to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Waltham Abbey.
Expecting to complete next month on a leasehold property in Waltham Abbey. Conveyancing solicitors have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Waltham Abbey should include some of the following:
- Ground rent - how much and when you need to pay, and also know whether this is subject to change
I own a leasehold house in Waltham Abbey. Conveyancing and Barclays mortgage are in place. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Waltham Abbey who previously acted has long since retired.Do I pay?
First contact the Land Registry to make sure that this person is indeed the new freeholder. You do not need to instruct a Waltham Abbey conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am tempted by the attractive purchase price for a couple of apartments in Waltham Abbey both have approximately fifty years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Waltham Abbey is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and lenders, leases with under 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 property 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 property 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 Abbey 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 any new 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 agency in Waltham Abbey where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received contradictory information from local Waltham Abbey conveyancing solicitors. Please can you confirm 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 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. This means 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 before, 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.
I am the registered owner of a two-bedroom flat in Waltham Abbey. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
Most certainly. We can put you in touch with a Waltham Abbey conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Waltham Abbey residence is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The remaining number of years on the lease was 69.26 years.
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