I am in need of some leasehold conveyancing in Walton. Before diving in I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Walton - then the leasehold title will always include the short particulars 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.

My partner and I may need to let out our Walton basement flat for a while due to a career opportunity. We instructed a Walton conveyancing firm in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?

A small minority of properties in Walton do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Walton. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

The majority of houses in Walton are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Walton in which case you should be looking for a Walton conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer will appraise you on the various issues.

I am looking at a couple of flats in Walton which have about fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Walton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive 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 premises 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 Walton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Last month I purchased a leasehold property in Walton. Am I liable to pay service charges relating to a period prior to my ownership?

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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).

I am the registered owner of a ground-floor 1960’s flat in Walton. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium due for a lease extension?

Most definitely. We can put you in touch with a Walton conveyancing firm who can help.

An example of a Lease Extension case for a Walton residence is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The the unexpired residue of the current lease was 82.93 years.

I invested in buying a studio flat in Walton, conveyancing formalities finalised 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Walton with over 90 years remaining are worth £200,000. The average or mid-range amount of ground rent is £45 yearly. The lease ends on 21st October 2103

With 77 years remaining on your lease we estimate the premium for your lease extension to range between £7,600 and £8,800 as well as costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.