Frequently asked questions relating to Pangbourne leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Pangbourne. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Pangbourne - 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.
I want to sublet my leasehold apartment in Pangbourne. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?
Some leases for properties in Pangbourne do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests 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.
Last month I purchased a leasehold house in Pangbourne. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).
I am employed by a long established estate agency in Pangbourne where we see a few flat sales derailed due to short leases. I have been given conflicting advice from local Pangbourne conveyancing firms. Could you shed some light as to whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Can you offer any advice when it comes to choosing a Pangbourne conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Pangbourne conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Pangbourne 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 useful:
- What volume of lease extensions have they completed in Pangbourne in the last twenty four months?
I inherited a 1 bedroom flat in Pangbourne, conveyancing was carried out 8 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Pangbourne with an extended lease are worth £247,000. The ground rent is £45 yearly. The lease expires on 21st October 2095
With just 74 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other 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 before getting professional advice.