Fixed-fee leasehold conveyancing in Farnham Royal:

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Frequently asked questions relating to Farnham Royal leasehold conveyancing

I am in need of some leasehold conveyancing in Farnham Royal. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

If the lease is registered - and most are in Farnham Royal - 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.

Frank (my husband) and I may need to let out our Farnham Royal basement flat for a while due to a career opportunity. We used a Farnham Royal conveyancing practice in 2004 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?

A small minority of properties in Farnham Royal do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Farnham Royal. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Farnham Royal ?

Most houses in Farnham Royal are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Farnham Royal in which case you should be shopping around for a Farnham Royal conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.

I am attracted to a couple of flats in Farnham Royal which have approximately 50 years remaining on the lease term. should I be concerned?

There are plenty of short leases in Farnham Royal. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena

Can you provide any top tips for leasehold conveyancing in Farnham Royal with the intention of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Farnham Royal can be bypassed where you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Farnham Royal leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such alterations. If you dont have the consents to hand you should not communicate with the landlord without checking with your conveyancer in advance.
  • Some Farnham Royal leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain 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 buyers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and discharge 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 ahead of 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 better to present the dispute as historic rather than unresolved.
  • You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I purchased a basement flat in Farnham Royal, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Farnham Royal with a long lease are worth £235,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2088

    With just 64 years unexpired we estimate the premium for your lease extension to be between £18,100 and £20,800 as well as costs.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Farnham Royal