Fixed-fee leasehold conveyancing in Reading:

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Reading leasehold conveyancing: Q and A’s

Looking forward to exchange soon on a garden flat in Reading. Conveyancing lawyers inform me that they will have a report out to me tomorrow. What should I be looking out for?

Your report on title for your leasehold conveyancing in Reading should include some of the following:

  • You should be sent a copy of the lease
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Are pets allowed in the flat?
  • Does the lease prevent you from renting out the flat, or having a home office for business
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required For details of the information to be included in your report on your leasehold property in Reading please ask your conveyancer in advance of your conveyancing in Reading

    • Estate agents have just been given the go-ahead to market my 2 bed flat in Reading.Conveyancing has not commenced but I have just had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?

    The sensible thing to do is clear the invoice 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 unless 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 reasonable price which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Reading. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

    The majority of houses in Reading are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Reading so you should seriously consider shopping around for a Reading conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should report to you on the legal implications.

    I am tempted by the attractive purchase price for a couple of apartments in Reading both have about 50 years left on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Reading. The lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease deteriorate and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena

    Can you offer any advice when it comes to finding a Reading conveyancing firm to carry out our lease extension conveyancing?

    When appointing a conveyancer for your lease extension (regardless if they are a Reading conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires 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 helpful:

    • What volume of lease extensions has the firm completed in Reading in the last twenty four months?
  • Can they put you in touch with client in Reading who can give a testimonial?

    • I bought a 1 bedroom flat in Reading, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Comparable properties in Reading with a long lease are worth £216,000. The ground rent is £60 invoiced every year. The lease terminates on 21st October 2105

    You have 80 years unexpired the likely cost is going to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Reading