Quality lawyers for Leasehold Conveyancing in Pangbourne

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Common questions relating to Pangbourne leasehold conveyancing

I've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Pangbourne. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

The majority of houses in Pangbourne 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. it is apparent that you are buying in Pangbourne in which case you should be looking for a Pangbourne conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will advise you fully on all the issues.

My wife and I purchased a leasehold house in Pangbourne. Conveyancing and Norwich and Peterborough Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Pangbourne who previously acted has long since retired.Any advice?

First make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Pangbourne conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two flats in Pangbourne which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Pangbourne is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Pangbourne conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you offer any advice when it comes to appointing a Pangbourne conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Pangbourne conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Pangbourne conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • If the firm is not ALEP accredited then why not?
  • What are the legal fees for lease extension conveyancing?

  • Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £200000 flat in Pangbourne in 8 days. The freeholder has quoted £360 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Pangbourne?

    Pangbourne conveyancing on leasehold maisonettes often involves the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to do so. They may levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, without which the invoice is technically not due. In reality one has no choice but to pay whatever is demanded if you want to sell the property.

    I invested in buying a split level flat in Pangbourne, conveyancing formalities finalised in 2006. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Pangbourne with an extended lease are worth £245,000. The ground rent is £65 invoiced annually. The lease ends on 21st October 2089

    With 67 years unexpired we estimate the premium for your lease extension to span between £17,100 and £19,800 as well as costs.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Pangbourne