Frank (my husband) and I may need to rent out our Bracknell 1st floor flat temporarily due to a new job. We instructed a Bracknell conveyancing practice in 2002 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?

Some leases for properties in Bracknell do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests 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 permission.

Planning to exchange soon on a leasehold property in Bracknell. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Bracknell should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years

Estate agents have just been given the go-ahead to market my basement apartment in Bracknell.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge invoice – what should I do?

It best that you pay the invoice 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 unless 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a couple of flats in Bracknell both have in the region of forty five years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Bracknell is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most buyers and lenders, leases with less than eighty years become less and less marketable. 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 property 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 premises 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 Bracknell conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.

When it comes to leasehold conveyancing in Bracknell what are the most common lease defects?

Leasehold conveyancing in Bracknell is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are wrong. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts 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. Nationwide Building Society, The Royal Bank of Scotland, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.

Bracknell Leasehold Conveyancing - A selection of Queries before Purchasing

Who manages the building? What restrictions are there in the Bracknell Lease? It would be sensible to find out as much as possible concerning the company managing the block as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to practical matters such as the upkeep of the common parts. Enquire of other tenants what they think of their management. In conclusion, be sure you discover the dates that you are obliged pay the service charge to the managing agents and specifically how they are spending that money.

Other Topics

Lease Extensions in Bracknell