I've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Newbury. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Newbury ?

Most houses in Newbury are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Newbury so you should seriously consider shopping around for a Newbury conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will appraise you on the various issues.

I've recently bought a leasehold property in Newbury. Am I liable to pay service charges for periods before completion of my purchase?

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).

What advice can you give us when it comes to finding a Newbury conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Newbury conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Newbury conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• If the firm is not ALEP accredited then what is the reason?

Do you have any top tips for leasehold conveyancing in Newbury from the point of view of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Newbury can be bypassed if you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the buyers representatives.
• In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Newbury leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such changes. Where you dont have the paperwork to hand do not communicate with the landlord without contacting your solicitor before hand.

We expect to complete our sale of a £375000 flat in Newbury in nine days. The freeholder has quoted £420 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Newbury?

Newbury conveyancing on leasehold maisonettes normally necessitates the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries the majority will be content to assist. They may levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The administration charge levied by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that you have little choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

I bought a 1 bedroom flat in Newbury, conveyancing was carried out 9 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 flats in Newbury with an extended lease are worth £214,000. The ground rent is £45 invoiced annually. The lease ends on 21st October 2078

With just 54 years remaining on your lease we estimate the premium for your lease extension to be between £34,200 and £39,600 plus professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

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Lease Extensions in Newbury