Why is leasehold purchase conveyancing in Waltham Abbey costs more?
In summary, leasehold conveyancing in Waltham Abbey and Essex usually necessitates additional hours of investigation compared to freehold transactions. This includes checking the lease terms, communicating with the landlord about the service of applicable notices, procuring current service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first entered into.
I am considering applying for a Leeds Building Society mortgage for purchase of a new build (under development) in Waltham Abbey with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Leeds Building Society ?
There is nothing to stop you using your solicitor, but Leeds Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Me and my brother own a semi-detached Edwardian house in Waltham Abbey. Conveyancing lawyer acted for me and Leeds Building Society. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold under the exact same property. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Waltham Abbey and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing practitioner who completed the work.
The estate agent has sent us the confirmation of our purchase of a new build flat in Waltham Abbey. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Waltham Abbey
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have been sourcing a conveyancing practitioner in Waltham Abbey for my home move. Is it possible to see a firm’s complaints history with the legal regulator?
Members of the public may read documented Solicitor Regulator Association (SRA) determinations stemming from inquisitions from 2008 onwards. Go to Check a solicitor's record. For details about the period before 1 January 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, use +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training requirements.
I am looking at a two flats in Waltham Abbey both have approximately 50 years remaining on the leases. Will this present a problem?
There are plenty of short leases in Waltham Abbey. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this area.
My wife and I have hit a brick wall in seeking a lease extension in Waltham Abbey. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to judgment on the price.
An example of a Freehold Enfranchisement case for a Waltham Abbey residence is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The unexpired term was 69.26 years.