Recently asked questions relating to Newbury leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Newbury. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Newbury - 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 want to let out my leasehold apartment in Newbury. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your previous Newbury conveyancing solicitor is not available you can review your lease to see if you are permitted to let out the property. The accepted inference is that if the lease is non-specific, subletting is permitted. Quite often there is a prerequisite that you must seek consent from your landlord or some other party in advance of subletting. The net result is you not allowed to sublet without prior consent. Such consent must not not be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
My wife and I purchased a leasehold house in Newbury. Conveyancing and Platform Home Loans Ltd mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Newbury who previously acted has long since retired.Do I pay?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to incur the fees of a Newbury conveyancing firm to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Last month I purchased a leasehold flat in Newbury. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am a negotiator for a busy estate agent office in Newbury where we have experienced a few leasehold sales put at risk due to short leases. I have been given conflicting advice from local Newbury conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension formalities 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. The benefit of this is 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 has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
I inherited a basement flat in Newbury, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Newbury with a long lease are worth £199,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease finishes on 21st October 2084
With 59 years remaining on your lease we estimate the premium for your lease extension to be between £24,700 and £28,600 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
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