Newbury leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Newbury. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and most 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.
My fiance and I may need to sub-let our Newbury garden flat for a while due to a new job. We used a Newbury conveyancing practice in 2003 but they have closed and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Newbury do contain a provision to say that subletting is only allowed with permission. 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.
Due to complete next month on a leasehold property in Newbury. Conveyancing solicitors assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Newbury should include some of the following:
- Defining your legal entitlements in relation to common areas in the building.E.G., does the lease include a right of way over an accessway or hallways?
Last month I purchased a leasehold property in Newbury. Am I liable to pay service charges relating to a period prior to my ownership?
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. A critical element of leasehold conveyancing for your conveyancer to ensure 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 appointing a Newbury conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Newbury conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Newbury conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- If the firm is not ALEP accredited then what is the reason?
I acquired a basement flat in Newbury, conveyancing formalities finalised in 2007. 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 properties in Newbury with over 90 years remaining are worth £174,000. The ground rent is £45 charged once a year. The lease finishes on 21st October 2102
With 80 years remaining on your lease the likely cost is going to span between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered 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.