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Common questions relating to Finchampstead leasehold conveyancing

I am in need of some leasehold conveyancing in Finchampstead. Before I set the wheels in motion 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 Finchampstead - then the leasehold title will always include the short particulars 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 would like to sublet my leasehold flat in Finchampstead. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

Even though your previous Finchampstead conveyancing solicitor is no longer available you can review your lease to check if it allows you to sublet the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must seek consent from your landlord or other appropriate person in advance of subletting. This means that you cannot sublet without prior permission. Such consent should not be unreasonably turned down. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.

I am hoping to exchange soon on a basement flat in Finchampstead. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Finchampstead should include some of the following:

  • You should be sent a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The physical extent of the premises. This will be the apartment itself but may include a roof space or basement if applicable.
  • Setting out your rights in respect of common areas in the block.By way of example, does the lease permit a right of way over an accessway or staircase?
  • Are you allowed to have a pet in the flat?
  • You need to be told what constitutes a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has For a comprehensive list of information to be included in your report on your leasehold property in Finchampstead please enquire of your lawyer in ahead of your conveyancing in Finchampstead

  • I work for a long established estate agent office in Finchampstead where we have experienced a few flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Finchampstead conveyancing firms. Could you clarify whether the owner of a flat can start 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser 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 sale.

    An alternative approach is 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.

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

    • Much of the delay in leasehold conveyancing in Finchampstead can be avoided if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
    • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Finchampstead leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord acquiescing to such alterations. If you fail to have the approvals in place you should not communicate with the landlord without contacting your solicitor in advance.
  • A minority of Finchampstead leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be nervous about purchasing a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to unresolved.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Arranging a re-issued share certificate can be a lengthy formality and slows down many a Finchampstead conveyancing deal. If a new share is required, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity.

  • I invested in buying a 1st floor flat in Finchampstead, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Finchampstead with over 90 years remaining are worth £168,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease ceases on 21st October 2080

    You have 58 years unexpired we estimate the premium for your lease extension to range between £22,800 and £26,400 as well as professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Finchampstead