Experts for Leasehold Conveyancing in Crowthorne

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Questions and Answers: Crowthorne leasehold conveyancing

I’m about to sell my garden flat in Crowthorne.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?

It best that you 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 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.

My wife and I purchased a leasehold flat in Crowthorne. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Crowthorne who acted for me is not around.Any advice?

First make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Crowthorne conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two apartments in Crowthorne which have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this field

I am a negotiator for a reputable estate agent office in Crowthorne where we have experienced a few flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Crowthorne conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension process for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder 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 purchaser.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £500000 garden flat in Crowthorne in just under a week. The managing agents has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Crowthorne?

Crowthorne conveyancing on leasehold maisonettes normally results in administration charges levied by freeholders :

  • Completing pre-contract enquiries
  • Where consent is required before sale in Crowthorne
  • Copies of the building insurance and schedule
  • Deeds of covenant upon sale
  • Registering of the assignment of the change of lessee after a sale
Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Crowthorne leasehold premises is £350. For Crowthorne conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

Crowthorne Leasehold Conveyancing - Sample of Queries Prior to Purchasing

    How much is the annual service fee and ground rent? The answer will be helpful as a) areas could result in problems for the building as the communal areas may begin to deteriorate if repairs are not paid for b) if the leaseholders have an issue with the managing agents you will want to know about it Are there any major works on the horizon that will add a premium to the service costs?

Other Topics

Lease Extensions in Crowthorne