Walton leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Walton. Before I get started I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Walton - 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.
Frank (my husband) and I may need to rent out our Walton ground floor flat for a while due to a new job. We instructed a Walton conveyancing firm in 2002 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your last Walton conveyancing solicitor is no longer available you can review your lease to check if it allows you to sublet the property. The accepted inference is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you need to seek consent via your landlord or some other party before subletting. This means that you cannot sublet without first obtaining consent. Such consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from subletting the property you will need to ask your landlord for their consent.
I am tempted by the attractive purchase price for a couple of apartments in Walton both have about 50 years remaining on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena
What advice can you give us when it comes to finding a Walton conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Walton conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Walton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- If they are not ALEP accredited then what is the reason?
Do you have any advice for leasehold conveyancing in Walton with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Walton can be bypassed where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers lawyers.
- The majority landlords or Management Companies in Walton levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought 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 cause of delay in leasehold conveyancing in Walton.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Walton conveyancing firm to assist?
Most definitely. We are happy to put you in touch with a Walton conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Walton property is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case was in relation to 1 flat. The the unexpired residue of the current lease was 82.93 years.