Fixed-fee leasehold conveyancing in Finchampstead:

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When it comes to leasehold conveyancing in Finchampstead, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your lender is to be Lloyds, Birmingham Midshires or NatWest be sure to choose a lawyer on their panel. Feel free to use our search tool

Questions and Answers: Finchampstead leasehold conveyancing

I would like to sublet my leasehold apartment in Finchampstead. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

Some leases for properties in Finchampstead do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see 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.

Planning to exchange soon on a leasehold property in Finchampstead. Conveyancing solicitors inform me that they report fully on Monday. What should I be looking out for?

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

  • How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For details of the information to be included in your report on your leasehold property in Finchampstead please ask your solicitor in advance of your conveyancing in Finchampstead

    • I am a negotiator for a long established estate agency in Finchampstead where we have witnessed a few flat sales put at risk as a result of short leases. I have been given conflicting advice from local Finchampstead conveyancing firms. Please can you clarify whether the seller of a flat can start 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 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.

    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 purchaser.

    Do you have any advice for leasehold conveyancing in Finchampstead with the aim of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Finchampstead can be avoided where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ representatives.
    • The majority freeholders or Management Companies in Finchampstead levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Finchampstead.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Finchampstead leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord consenting to such alterations. If you fail to have the consents in place do not contact the landlord without contacting your lawyer before hand.
  • 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 put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle 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 will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to ongoing.
  • If you are supposed to have a share in the Management Company, you should make sure that you have the original share document. Obtaining a new share certificate is often a time consuming process and frustrates many a Finchampstead home move. If a reissued share certificate is needed, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

    • Are there frequently found deficiencies that you witness in leases for Finchampstead properties?

    There is nothing unique about leasehold conveyancing in Finchampstead. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • 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 problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Coventry Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.

    Finchampstead Conveyancing for Leasehold Flats - A selection of Queries Prior to Purchasing

      How long is the Lease? In the main the outlay for major works tend not to be included within service charges, although a few managing agents in Finchampstead ask leaseholders to contribute towards a reserve fund created for the specific intention of building a fund for major works. The majority of Finchampstead leasehold flats will have a service charge for the upkeep of the building set by the management company. Where you buy the flat you will have to pay this contribution, normally periodically accross the year. This could be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a rentcharge to be met yearly, ordinarily this is not a exorbitant amount, say about £50-£100 but you need to enquire it because on occasion it could be many hundreds of pounds.

    Other Topics

    Lease Extensions in Finchampstead