Fixed-fee leasehold conveyancing in Pangbourne:

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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Pangbourne, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Pangbourne leasehold conveyancing

I am in need of some leasehold conveyancing in Pangbourne. Before diving in I want to be sure as to the number of years remaining on the lease.

Assuming 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.

Back In 2002, I bought a leasehold flat in Pangbourne. Conveyancing and Alliance & Leicester mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Pangbourne who previously acted has now retired.Any advice?

First contact the Land Registry to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Pangbourne conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a couple of apartments in Pangbourne both have in the region of forty five years left on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

I am a negotiator for a busy estate agency in Pangbourne where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Pangbourne conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

Alternatively, it may be possible 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.

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

  • A significant proportion of the frustration in leasehold conveyancing in Pangbourne can be avoided where you instruct lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Pangbourne state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord approving such changes. Where you fail to have the consents in place do not communicate with the landlord without checking with your conveyancer first.
  • Some Pangbourne leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to 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 able to meet 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 buyers or their lawyers.
  • If you are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Arranging a re-issued share certificate can be a time consuming formality and frustrates many a Pangbourne home move. Where a reissued share is needed, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be wise to double-check by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. It is therefore important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I invested in buying a 1st floor flat in Pangbourne, conveyancing was carried out in 1998. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Pangbourne with an extended lease are worth £225,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease finishes on 21st October 2096

    With only 71 years unexpired the likely cost is going to range between £10,500 and £12,000 as well as legals.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Pangbourne