Recently asked questions relating to Waltham Abbey leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Waltham Abbey. Before diving in I require certainty as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Waltham Abbey - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Jane (my partner) and I may need to sub-let our Waltham Abbey garden flat for a while due to taking a sabbatical. We instructed a Waltham Abbey conveyancing firm in 2003 but they have since shut and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your previous Waltham Abbey conveyancing lawyer is no longer available you can review your lease to see if you are permitted to let out the property. The rule is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you are obliged to seek consent from your landlord or other appropriate person before subletting. The net result is that you cannot sublet in the absence of prior permission. The consent must not not be unreasonably turned down. If your lease prohibits you from letting out the property you should ask your landlord for their consent.
Planning to exchange soon on a ground floor flat in Waltham Abbey. Conveyancing solicitors inform me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Waltham Abbey should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I work for a reputable estate agency in Waltham Abbey where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Waltham Abbey conveyancing solicitors. Could you confirm whether the owner of a flat can instigate the lease extension process 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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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.
Do you have any top tips for leasehold conveyancing in Waltham Abbey with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Waltham Abbey can be reduced where you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers representatives.
- Many landlords or Management Companies in Waltham Abbey charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Waltham Abbey.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Waltham Abbey conveyancing firm to assist?
You certainly can. 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 affected 2 flats. The unexpired term was 69.26 years.