Recently asked questions relating to Bracknell leasehold conveyancing
I only have 62 years left on my lease in Bracknell. I am keen to extend my lease but my landlord is can not be found. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to track down the lessor. On the whole a specialist would be helpful to carry out a search and prepare a report to be used as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court overseeing Bracknell.
I have just appointed agents to market my basement flat in Bracknell.Conveyancing has not commenced but I have just had a quarterly maintenance charge demand – what should I do?
The sensible thing to do is clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I've found a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Bracknell. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Bracknell ?
Most houses in Bracknell are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Bracknell in which case you should be shopping around for a Bracknell conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should advise you fully on all the issues.
Can you offer any advice when it comes to choosing a Bracknell conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Bracknell conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Bracknell conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
What makes a Bracknell lease unmortgageable?
There is nothing unique about leasehold conveyancing in Bracknell. All leases are unique and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Aldermore 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 does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
I invested in buying a basement flat in Bracknell, conveyancing formalities finalised 2009. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Bracknell with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £55 yearly. The lease terminates on 21st October 2094
With just 71 years remaining on your lease we estimate the price of your lease extension to range between £12,400 and £14,200 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
Other Topics