Fixed-fee leasehold conveyancing in Newbury:

Require a conveyancing quote from a solicitor for leasehold conveyancing in Newbury on your lender’s panel? Use our search tool to find leading local Newbury conveyancing lawyers or nationwide solicitors on your lender’s panel .

Recently asked questions relating to Newbury leasehold conveyancing

My husband and I may need to let out our Newbury 1st floor flat temporarily due to a career opportunity. We instructed a Newbury conveyancing practice in 2001 but they have since shut and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?

Notwithstanding that your previous Newbury conveyancing lawyer is no longer available you can review your lease to see if it allows you to sublet the premises. The rule is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you need to obtain permission via your landlord or some other party in advance of subletting. The net result is you not allowed to sublet in the absence of prior consent. The consent should not be unreasonably turned down. If the lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.

Last month I purchased a leasehold house in Newbury. Am I liable to pay service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner 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).

Can you offer any advice when it comes to finding a Newbury conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Newbury conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise 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 that’s a bonus. Some following of questions could be of use:

  • Can they put you in touch with client in Newbury who can give a testimonial?
  • What are the costs for lease extension work?

  • Do you have any advice for leasehold conveyancing in Newbury from the perspective of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Newbury can be bypassed where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers lawyers.
    • The majority landlords or managing agents in Newbury charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Newbury.
  • A minority of Newbury leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share certificate. Arranging a re-issued share certificate is often a lengthy process and slows down many a Newbury home move. If a new share certificate is required, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

  • What makes a Newbury lease unmortgageable?

    Leasehold conveyancing in Newbury is not unique. All leases are unique and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Barnsley Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

    I am the registered owner of a studio flat in Newbury, conveyancing having been completed 3 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? Corresponding flats in Newbury with over 90 years remaining are worth £176,000. The ground rent is £55 charged once a year. The lease finishes on 21st October 2100

    With 79 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 plus costs.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Newbury