Experts for Leasehold Conveyancing in Waterloo

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Whether you are buying or selling leasehold flat in Waterloo, our panel of leasehold conveyancing experts will help you move with as little stress as possible. Find a Waterloo conveyancing lawyer with our search tool

Sample questions relating to Waterloo leasehold conveyancing

I would like to rent out my leasehold apartment in Waterloo. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Your lease dictates relations between the freeholder and you the flat owner; in particular, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Waterloo do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.

Expecting to sign contracts shortly on a studio apartment in Waterloo. 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 Waterloo should include some of the following:

  • The physical extent of the property. This will be the flat itself but may incorporate a roof space or basement if appropriate.
  • Defining your rights in respect of the communal areas in the block.E.G., does the lease include a right of way over an accessway or hallways?
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a sinking fund?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • 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 contained in your report on your leasehold property in Waterloo please enquire of your solicitor in advance of your conveyancing in Waterloo

    • I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Waterloo. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Waterloo ?

    Most houses in Waterloo are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Waterloo so you should seriously consider looking for a Waterloo conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer should appraise you on the various issues.

    Can you provide any top tips for leasehold conveyancing in Waterloo from the perspective of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Waterloo can be reduced if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers conveyancers.
    • A minority of Waterloo leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle 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 are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Arranging a duplicate share certificate is often a time consuming process and frustrates many a Waterloo conveyancing transaction. If a new share certificate is necessary, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • What are the frequently found deficiencies that you witness in leases for Waterloo properties?

    Leasehold conveyancing in Waterloo is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the property
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Mortgage Works, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.

    I acquired a 2 bed flat in Waterloo, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Waterloo with over 90 years remaining are worth £196,000. The average or mid-range amount of ground rent is £50 yearly. The lease expires on 21st October 2091

    With just 66 years remaining on your lease the likely cost is going to be between £11,400 and £13,200 plus professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Waterloo