I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Earley. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

The majority of houses in Earley are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Earley in which case you should be shopping around for a Earley conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer will appraise you on the various issues.

I am tempted by the attractive purchase price for a two flats in Earley both have approximately 50 years remaining on the leases. Will this present a problem?

There are plenty of short leases in Earley. The lease is a right to use the property for a period of time. As a lease shortens the marketability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena

What are your top tips when it comes to choosing a Earley conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for lease extension works (regardless if they are a Earley conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Earley conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• How familiar is the firm with lease extension legislation?
• Can they put you in touch with client in Earley who can give a testimonial?

Do you have any advice for leasehold conveyancing in Earley with the purpose of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Earley can be reduced where you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers representatives.
• If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Earley state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord consenting to such changes. Should you dont have the paperwork to hand you should not contact the landlord without checking with your conveyancer before hand.
• Some Earley leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
• If there is a history of conflict with your landlord or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. 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.
• If you are supposed to have a share in the freehold, you should ensure that you have the original share document. Arranging a re-issued share certificate is often a lengthy process and frustrates many a Earley conveyancing transaction. If a duplicate share is needed, do contact the company director and secretary or managing agents (where relevant) for this as soon as possible.

In relation to leasehold conveyancing in Earley what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Earley. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the property
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Royal Bank of Scotland, and TSB all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

I purchased a leasehold flat in Earley, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Earley with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease runs out on 21st October 2096

With only 70 years unexpired the likely cost is going to range between £8,600 and £9,800 as well as legals.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.