Leasehold Conveyancing in Caversham Heights - Get a Quote from the leasehold experts approved by your lender

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Frequently asked questions relating to Caversham Heights leasehold conveyancing

I am in need of some leasehold conveyancing in Caversham Heights. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and 99.9% are in Caversham Heights - 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 only have Seventy years left on my flat in Caversham Heights. I now wish to get lease extension but my freeholder is can not be found. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to prove that you have done all that could be expected to locate the landlord. On the whole an enquiry agent would be useful to conduct investigations and to produce a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Caversham Heights.

I am attracted to a couple of apartments in Caversham Heights which have approximately forty five years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Caversham Heights is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers 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 a residence 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 Caversham Heights 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.

What are your top tips when it comes to finding a Caversham Heights conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Caversham Heights conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Caversham Heights conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • If they are not ALEP accredited then why not?
  • How many lease extensions has the firm conducted in Caversham Heights in the last 12 months?

    • Do you have any top tips for leasehold conveyancing in Caversham Heights with the intention of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Caversham Heights can be reduced where you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation needed by the purchasers’ conveyancers.
    • The majority freeholders or Management Companies in Caversham Heights levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Caversham Heights.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unsettled.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Arranging a re-issued share certificate can be a time consuming formality and frustrates many a Caversham Heights conveyancing deal. If a duplicate share is needed, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Caversham Heights Leasehold Conveyancing - A selection of Queries before buying

      On the whole the outlay for major works are not included within maintenance charges, albeit that a few managing agents in Caversham Heights ask leasehold owners to pay into a sinking fund and this is used to offset against major repairs or maintenance. Make sure you investigate if there are any onerous restrictions in the lease. For example it is reasonably common in Caversham Heights leases that pets are not allowed in certain buildings in Caversham Heights. If you like the flatin Caversham Heights yet your cat can’t move with you then you will be faced difficult decision. How is the lease structured?

    Other Topics

    Lease Extensions in Caversham Heights