Top Five Questions relating to Caversham leasehold conveyancing
I am in need of some leasehold conveyancing in Caversham. Before I get started I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Caversham - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Due to complete next month on a leasehold property in Caversham. Conveyancing solicitors have said that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Caversham should include some of the following:
- The physical extent of the property. This will be the flat itself but might include a roof space or basement if applicable.
I have just started marketing my garden flat in Caversham.Conveyancing has not commenced but I have just received a half-yearly service charge invoice – should I leave it to the buyer to sort out?
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 management companies 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 appears to tick a lot of boxes, at a great figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Caversham. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Caversham ?
The majority of houses in Caversham are freehold and not 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 purchasing in Caversham so you should seriously consider looking for a Caversham conveyancing practitioner and check that they have experience in advising on leasehold houses. First 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 will likely included provisions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor should report to you on the legal implications.
I am tempted by the attractive purchase price for a couple of flats in Caversham which have about forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
Caversham Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
Be sure to enquire if there are any onerous restrictions in the lease. By way of example some leases prohibit pets being allowed in certain buildings in Caversham. If you like the propertyin Caversham but your cat can’t live with you then you have a very difficult choice.
Who is in charge of the building?
The prefered form of lease structure is a share of the freehold. In this arrangement the leaseholders have control and even though a managing agent is often employed if the building is bigger than a house conversion, the managing agent is directed by the tenants.