Experts for Leasehold Conveyancing in Pangbourne

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Questions and Answers: Pangbourne leasehold conveyancing

I am in need of some leasehold conveyancing in Pangbourne. Before I get started I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Pangbourne - 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.

Frank (my husband) and I may need to rent out our Pangbourne 1st floor flat temporarily due to a career opportunity. We used a Pangbourne conveyancing practice in 2004 but they have closed and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?

Notwithstanding that your last Pangbourne conveyancing lawyer is no longer around you can check your lease to check if it allows you to sublet the property. The accepted inference is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you need to obtain permission from your landlord or some other party prior to subletting. The net result is you not allowed to sublet without prior consent. Such consent is not allowed to be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you will need to ask your landlord for their consent.

I have recently realised that I have Fifty years unexpired on my flat in Pangbourne. I am keen to get lease extension but my freeholder is missing. What should I do?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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 made all reasonable attempts to find the lessor. On the whole a specialist should be useful to carry out a search and to produce an expert document which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the application to the County Court covering Pangbourne.

I am looking at a two flats in Pangbourne which have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Pangbourne. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area

Can you provide any top tips for leasehold conveyancing in Pangbourne with the purpose of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Pangbourne can be reduced if you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers solicitors.
  • Many landlords or Management Companies in Pangbourne charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Pangbourne.
  • Some Pangbourne leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share certificate. Organising a duplicate share certificate is often a lengthy process and delays many a Pangbourne conveyancing deal. Where a reissued share is needed, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.

    • Pangbourne Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying

      Is anyone aware of any major works on the horizon that could add a premium to the service fees? It is important to be aware whether window replacement or some other major work is pending that will be shared by the tenants and will materially impact the level of the service charges or require a specific invoice. How much is the ground rent and service charge?

    Other Topics

    Lease Extensions in Pangbourne