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Caversham leasehold conveyancing: Q and A’s

Expecting to complete next month on a basement flat in Caversham. Conveyancing lawyers inform me that they report fully on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Caversham should include some of the following:

  • How long the lease is 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
  • Are pets allowed in the flat?
  • You should be told what counts as a Nuisance in the lease
  • Changes to the flat (alterations and additions)
  • 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
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Caversham please ask your solicitor in ahead of your conveyancing in Caversham

    • Back In 2008, I bought a leasehold flat in Caversham. Conveyancing and Nottingham Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Caversham who previously acted has now retired.What should I do?

    First make enquiries of HMLR to be sure that this person is in fact the new freeholder. It is not necessary to instruct a Caversham conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am looking at a couple of maisonettes in Caversham which have about forty five years unexpired on the lease term. Will this present a problem?

    A lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

    I am a negotiator for a long established estate agency in Caversham where we have experienced a number of flat sales derailed as a result of short leases. I have received contradictory information from local Caversham conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can commence the lease extension formalities 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. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

    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.

    Do you have any top tips for leasehold conveyancing in Caversham from the point of view of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Caversham can be bypassed where you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the buyers solicitors.
    • Many freeholders or Management Companies in Caversham charge for providing management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Caversham.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Caversham state that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such alterations. If you fail to have the consents to hand you should not contact the landlord without contacting your conveyancer first.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to 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 purchasers, but it is clearly preferable to reveal the dispute as over as opposed to ongoing.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. It is therefore essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Caversham Leasehold Conveyancing - Sample of Queries Prior to buying

      It is important to be aware if changing the roof or some other significant cost is pending that will be shared between the leaseholders and will materially increase the the service fees or necessitate a one time invoice. Does the lease have more than 82 years remaining? How many of the leaseholders are in arrears for their maintenance charge payments?

    Other Topics

    Lease Extensions in Caversham