Newbury leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Newbury. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Newbury - 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 am intending to let out my leasehold apartment in Newbury. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A small minority of properties in Newbury do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience dictates 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.
There are only Fifty years unexpired on my flat in Newbury. I need to get lease extension but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the lessor. For most situations an enquiry agent should be helpful to carry out a search and to produce an expert document which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court covering Newbury.
I am hoping to complete next month on a leasehold property in Newbury. Conveyancing lawyers assured me that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Newbury should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
Can you offer any advice when it comes to choosing a Newbury conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Newbury conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Newbury conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the practice with lease extension legislation?
Newbury Leasehold Conveyancing - Examples of Queries before buying
Does this lease have more than 90 years left?
Please note if it is fewer than 80 years it will impact the marketability of the flat. It is worth checking with your lender that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this will be. Remember, in most cases you would need to own the property for two years before you are eligible to carry out a lease extension.
How much is the yearly maintenance fee and ground rent?