Examples of recent questions relating to leasehold conveyancing in Caversham
I am on look out for some leasehold conveyancing in Caversham. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and most 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.
I am intending to sublet my leasehold apartment in Caversham. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Even though your previous Caversham conveyancing solicitor is no longer around you can check your lease to see if you are permitted to let out the premises. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you need to seek permission from your landlord or other appropriate person before subletting. The net result is you not allowed to sublet without prior consent. Such consent is not allowed to be unreasonably turned down. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
Planning to complete next month on a basement flat in Caversham. Conveyancing lawyers inform me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Caversham should include some of the following:
- You should be sent a copy of the lease
I work for a busy estate agency in Caversham where we have experienced a number of leasehold sales derailed as a result of short leases. I have received contradictory information from local Caversham conveyancing firms. Could you shed some light as to whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start 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.
All being well we will complete the sale of our £300000 apartment in Caversham in just under a week. The management company has quoted £348 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Caversham?
Caversham conveyancing on leasehold flats more often than not necessitates the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries the majority will be content to assist. They are entitled levy a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, in some transactions it is above £800. The administration charge invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you if you want to complete the sale of your home.
I am the registered owner of a garden flat in Caversham, conveyancing was carried out 2001. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Caversham with over 90 years remaining are worth £186,000. The ground rent is £55 per annum. The lease finishes on 21st October 2085
With only 64 years left to run the likely cost is going to range between £15,200 and £17,600 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.