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Examples of recent questions relating to leasehold conveyancing in Reading

I would like to let out my leasehold apartment in Reading. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Your lease dictates the relationship between the landlord and you the flat owner; in particular, it will say if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Reading do not contain an absolute prevention of subletting – such a clause would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.

My wife and I purchased a leasehold house in Reading. Conveyancing and Birmingham Midshires mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Reading who acted for me is not around.Do I pay?

The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to instruct a Reading conveyancing lawyer to do this as it can be done on-line for a few pound. 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 couple of flats in Reading both have approximately forty five years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Reading is a deteriorating 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. For most buyers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 a residence 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 Reading conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Do you have any top tips for leasehold conveyancing in Reading from the point of view of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Reading can be bypassed where you get in touch lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers.
  • Many landlords or Management Companies in Reading levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Reading.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Reading leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord acquiescing to such changes. Where you fail to have the approvals in place do not contact the landlord without contacting your lawyer first.
  • If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Arranging a new share certificate can be a lengthy formality and slows down many a Reading home move. Where a reissued share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this as soon as possible.

    • When it comes to leasehold conveyancing in Reading what are the most common lease problems?

    Leasehold conveyancing in Reading is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • A duty to insure the building
    • 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

    You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Mortgage Works, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.

    I bought a basement flat in Reading, conveyancing formalities finalised 2010. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Reading with a long lease are worth £207,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2076

    You have 52 years unexpired we estimate the price of your lease extension to be between £34,200 and £39,600 as well as professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Reading