I am in need of some leasehold conveyancing in Newbury Park. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Newbury Park - 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.

I have just started marketing my ground floor flat in Newbury Park.Conveyancing has not commenced but I have just had a yearly maintenance charge invoice – what should I do?

The sensible thing to do is pay the invoice 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 managing agents will not acknowledge the buyer until 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. This will smooth the conveyancing process.

I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Newbury Park. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Newbury Park ?

Most houses in Newbury Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Newbury Park so you should seriously consider looking for a Newbury Park conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.

I am looking at a couple of flats in Newbury Park both have approximately fifty years left on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Newbury Park is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Newbury Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Do you have any top tips for leasehold conveyancing in Newbury Park from the point of view of expediting the sale process?

• Much of the delay in leasehold conveyancing in Newbury Park can be bypassed where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ representatives.
• Many landlords or Management Companies in Newbury Park charge for supplying management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Newbury Park.
• If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Newbury Park state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such works. If you dont have the paperwork in place do not contact the landlord without checking with your conveyancer first.
• A minority of Newbury Park leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 solicitors.
• If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be warry about purchasing a flat where a dispute is unresolved. You may need to swallow your pride and pay 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 prior to 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 as opposed to unsettled.

Having spent months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Newbury Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

You certainly can. We can put you in touch with a Newbury Park conveyancing firm who can help.

An example of a Lease Extension case for a Newbury Park premises is 104 Coventry Road in July 2014. The Tribunal determined that the lease extension permium should be £22,896.15 This case related to 1 flat. The unexpired lease term was 60.29 years.

Newbury Park Leasehold Conveyancing - Sample of Questions you should ask before Purchasing

It would be a good idea to discover if there is anything that is prohibited in the lease. For instance it is fairly common in Newbury Park leases that pets are not allowed in certain buildings in Newbury Park. If you love the propertyin Newbury Park yet your cat can’t live with you then you will be faced difficult decision.