Recently asked questions relating to Reading leasehold conveyancing
I have just started marketing my garden apartment in Reading.Conveyancing solicitors are to be appointed soon but I have just had a quarterly service charge demand – what should I do?
The sensible thing to do is 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 management companies 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 today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Reading. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Reading ?
The majority of houses in Reading are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Reading so you should seriously consider shopping around for a Reading conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out alterations. 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 solicitor should advise you fully on all the issues.
Back In 2006, I bought a leasehold house in Reading. Conveyancing and Birmingham Midshires mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Reading who acted for me is not around.Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Reading conveyancing practitioner to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Can you provide any top tips for leasehold conveyancing in Reading with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Reading can be avoided if you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers representatives.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Reading leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Should you fail to have the approvals to hand you should not communicate with the landlord without contacting your lawyer first.
We expect to complete the sale of our £175000 flat in Reading next week. The managing agents has quoted £384 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Reading?
Reading conveyancing on leasehold flats normally involves the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They may charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that one has no option but to pay whatever is requested of you should you wish to sell the property.
Reading Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
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For most Reading leaseholds the cost for major works are not included within maintenance charges, although a few managing agents in Reading require leasehold owners to contribute towards a reserve fund and this is used to offset against major repairs or maintenance.
Is anyone aware of any major works anticipated that will add a premium to the service fees?
Make sure you find out if there are any onerous prohibitions in the lease. By way of example some leases prohibit pets being permitted in in a block in Reading. If you like the propertyin Reading yet your dog can’t live with you then you will be faced hard compromise.
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