Experts for Leasehold Conveyancing in Walton on the Naze

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Walton on the Naze, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Walton on the Naze leasehold conveyancing

My husband and I may need to sub-let our Walton on the Naze basement flat for a while due to a new job. We instructed a Walton on the Naze conveyancing practice in 2004 but they have since shut and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?

A small minority of properties in Walton on the Naze do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review 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 today plan to offer on a house that seems to meet my requirements, at a great price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Walton on the Naze. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Walton on the Naze ?

Most houses in Walton on the Naze are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Walton on the Naze in which case you should be shopping around for a Walton on the Naze conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.

Back In 2003, I bought a leasehold house in Walton on the Naze. Conveyancing and Chelsea Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Walton on the Naze who previously acted has long since retired.Do I pay?

First contact the Land Registry to be sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to instruct a Walton on the Naze conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I work for a long established estate agency in Walton on the Naze where we have witnessed a few leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Walton on the Naze conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension process for the buyer?

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. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.

Can you provide any advice for leasehold conveyancing in Walton on the Naze with the intention of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Walton on the Naze can be avoided where you get in touch lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Walton on the Naze leases often stipulate that internal structural changes or installing wooden flooring require a licence from the Landlord consenting to such changes. Where you dont have the approvals in place you should not contact the landlord without checking with your lawyer before hand.
  • A minority of Walton on the Naze leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and 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 prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share document. Organising a new share certificate is often a time consuming formality and frustrates many a Walton on the Naze conveyancing transaction. Where a reissued share certificate is necessary, do contact the company officers or managing agents (if relevant) for this sooner rather than later.

    • I inherited a 2 bed flat in Walton on the Naze, conveyancing formalities finalised 5 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Walton on the Naze with a long lease are worth £169,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease expires on 21st October 2095

    You have 71 years left to run we estimate the price of your lease extension to be between £11,400 and £13,200 as well as legals.

    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 without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

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    Lease Extensions in Walton on the Naze