Fixed-fee leasehold conveyancing in Reading:

When it comes to leasehold conveyancing in Reading, you will need to instruct a conveyancing lawyer with leasehold experience. Whether your mortgage company is to be Clydesdale , Yorkshire Building Society or Nationwide be sure to choose a lawyer on their approved list. Feel free to use our search tool

Frequently asked questions relating to Reading leasehold conveyancing

I have just appointed agents to market my 2 bed flat in Reading.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I've found a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Reading. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Reading ?

Most houses in Reading are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Reading so you should seriously consider shopping around for a Reading conveyancing solicitor and check that they are used to dealing with 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 to the property. The lease comes with conditions such as requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will advise you fully on all the issues.

I own a leasehold house in Reading. Conveyancing and Barclays mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Reading who previously acted has long since retired.Do I pay?

The first thing you should do is contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Reading conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured 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.

What advice can you give us when it comes to choosing a Reading conveyancing practice to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Reading conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non Reading conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

  • If they are not ALEP accredited then why not?
  • What are the costs for lease extension work?

  • What are the frequently found problems that you see in leases for Reading properties?

    There is nothing unique about leasehold conveyancing in Reading. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Virgin Money, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

    I inherited a 2 bed flat in Reading, conveyancing having been completed in 2010. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Reading with over 90 years remaining are worth £205,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2092

    With only 68 years remaining on your lease we estimate the price of your lease extension to range between £10,500 and £12,000 as well as professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues 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 based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Reading