Top Five Questions relating to Waltham Abbey leasehold conveyancing
I've found a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Waltham Abbey. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Waltham Abbey are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Waltham Abbey in which case you should be looking for a Waltham Abbey conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should report to you on the legal implications.
Back In 2009, I bought a leasehold flat in Waltham Abbey. Conveyancing and Alliance & Leicester mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Waltham Abbey who previously acted has long since retired.Any advice?
First contact the Land Registry to be sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Waltham Abbey conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am a negotiator for a long established estate agent office in Waltham Abbey where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local Waltham Abbey conveyancing solicitors. Could you clarify whether the vendor of a flat can commence the lease extension process for the buyer?
Provided that 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. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 top tips for leasehold conveyancing in Waltham Abbey with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Waltham Abbey can be bypassed where you instruct lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
- The majority landlords or Management Companies in Waltham Abbey charge for supplying management packs for a leasehold premises. You or your lawyers should find out 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 usual reason for delay in leasehold conveyancing in Waltham Abbey.
I am the proprietor of a basement flat in Waltham Abbey. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
if there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to determine 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 was in relation to 2 flats. The the number of years remaining on the existing lease(s) was 69.26 years.
Are there frequently found problems that you see in leases for Waltham Abbey properties?
There is nothing unique about leasehold conveyancing in Waltham Abbey. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the property
- 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
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Skipton Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.