Questions and Answers: Waltham Abbey leasehold conveyancing
My husband and I may need to rent out our Waltham Abbey garden flat temporarily due to taking a sabbatical. We instructed a Waltham Abbey conveyancing firm in 2003 but they have closed and we did not think at the time get any guidance as to whether the lease allows us to sublet. How do we find out?
Your lease dictates relations between the freeholder and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Waltham Abbey do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
Due to sign contracts shortly on a garden flat in Waltham Abbey. Conveyancing lawyers assured me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Waltham Abbey should include some of the following:
- Defining your legal entitlements in respect of the communal areas in the block.By way of example, does the lease provide for a right of way over an accessway or hallways?
- Ground rent - how much and when you need to pay, and also know whether this is subject to change
- An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
- You should have a good understanding of the insurance provisions
- Changes to the flat (alterations and additions)
- I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
- Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
Estate agents have just been given the go-ahead to market my 2 bed flat in Waltham Abbey.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?
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 until 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. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Waltham Abbey. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Waltham Abbey ?
Most houses in Waltham Abbey are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Waltham Abbey so you should seriously consider shopping around for a Waltham Abbey conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.
What are your top tips when it comes to finding a Waltham Abbey conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Waltham Abbey conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Waltham Abbey conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- Can they put you in touch with client in Waltham Abbey who can give a testimonial?
- What are the charges for lease extension work?
I have had difficulty in trying to purchase the freehold in Waltham Abbey. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing landlord or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to decide the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Waltham Abbey property 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 unexpired lease term was 69.26 years.
I invested in buying a 1st floor flat in Waltham Abbey, conveyancing having been completed 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Waltham Abbey with a long lease are worth £213,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2096
With only 70 years remaining on your lease we estimate the premium for your lease extension to be between £13,300 and £15,400 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.