Common questions relating to Maidenhead leasehold conveyancing
I am in need of some leasehold conveyancing in Maidenhead. Before I get started I would like to find out the remaining lease term.
Assuming the lease is registered - and almost all are in Maidenhead - 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've found a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Maidenhead. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Maidenhead ?
Most houses in Maidenhead are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Maidenhead in which case you should be looking for a Maidenhead conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority 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 such as requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.
I am tempted by the attractive purchase price for a two flats in Maidenhead which have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Maidenhead. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
Do you have any top tips for leasehold conveyancing in Maidenhead with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Maidenhead can be reduced if you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ lawyers.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Maidenhead leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such works. Where you fail to have the consents to hand you should not communicate with the landlord without checking with your solicitor in the first instance.
Are there common deficiencies that you see in leases for Maidenhead properties?
Leasehold conveyancing in Maidenhead is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- 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 will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Chelsea Building Society, and Barclays Direct 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 defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
I bought a 1 bedroom flat in Maidenhead, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Maidenhead with a long lease are worth £210,000. The average or mid-range amount of ground rent is £55 levied per year. The lease finishes on 21st October 2073
With only 51 years unexpired we estimate the premium for your lease extension to range between £35,200 and £40,600 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.