Frequently asked questions relating to Waltham Abbey leasehold conveyancing
I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Waltham Abbey. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Waltham Abbey ?
The majority of houses in Waltham Abbey are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Waltham Abbey so you should seriously consider shopping around 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 number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will report to you on the legal implications.
I am attracted to a two apartments in Waltham Abbey both have approximately forty five years left on the leases. Will this present a problem?
A lease is a right to use the premises for a period of time. As a lease gets shorter the marketability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
I've recently bought a leasehold house in Waltham Abbey. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you provide any top tips for leasehold conveyancing in Waltham Abbey with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Waltham Abbey can be avoided if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
- If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you installed wooden flooring? Waltham Abbey leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such alterations. Should you fail to have the approvals in place do not communicate with the landlord without checking with your conveyancer first.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £350000 flat in Waltham Abbey next week. The managing agents has quoted £300 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Waltham Abbey?
For the majority of leasehold sales in Waltham Abbey conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Addressing pre-exchange questions
- Where consent is required before sale in Waltham Abbey
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a ground-floor 1950’s flat in Waltham Abbey. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
in cases where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to decide the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal 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.