Leasehold Conveyancing in Walton - Get a Quote from the leasehold experts approved by your lender

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Frequently asked questions relating to Walton leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Walton. Before diving in I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and almost all 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.

Expecting to sign contracts shortly on a leasehold property in Walton. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Walton should include some of the following:

  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Are you allowed to have a pet in the flat?
  • You should be told what counts as a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • You should have a good understanding of the insurance provisions
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For details of the information to be included in your report on your leasehold property in Walton please ask your solicitor in advance of your conveyancing in Walton

    • I own a leasehold house in Walton. Conveyancing and The Mortgage Works mortgage organised. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Walton who previously acted has long since retired.Any advice?

    First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Walton conveyancing firm to do this as it can be done on-line for a few pound. Rest assured 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 attracted to a two flats in Walton both have in the region of fifty years remaining on the leases. should I be concerned?

    There is no doubt about it. A leasehold flat in Walton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and mortgage companies, leases with less than eighty 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 premises 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 property 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. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

    Can you provide any top tips for leasehold conveyancing in Walton from the perspective of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Walton can be reduced where you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers conveyancers.
    • The majority landlords or Management Companies in Walton levy fees for providing management packs for a leasehold property. 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 average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Walton.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Walton state that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord approving such works. Where you dont have the paperwork to hand you should not communicate with the landlord without contacting your solicitor first.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your conveyancers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I have had difficulty in trying to purchase the freehold in Walton. Can the Leasehold Valuation Tribunal adjudicate on premiums?

    if there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the price payable.

    An example of a Lease Extension decision 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 unexpired lease term was 82.93 years.

    Other Topics

    Lease Extensions in Walton