I am on look out for some leasehold conveyancing in Reading. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Reading - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I have just appointed agents to market my 2 bed flat in Reading.Conveyancing is yet to be initiated but I have just received a quarterly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should pay 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 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. Having a clear account will assist your cause and will leave you no worse off financially.

I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Reading. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Reading ?

Most 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 assist with the conveyancing process. it is apparent that you are purchasing in Reading in which case you should be looking for a Reading conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.

Can you provide any top tips for leasehold conveyancing in Reading with the purpose of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Reading can be bypassed if you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers solicitors.
• The majority landlords or Management Companies in Reading levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Reading.
• If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
• If you hold a share in a the freehold, you should make sure that you are holding the original share certificate. Obtaining a re-issued share certificate can be a time consuming process and delays many a Reading home move. Where a reissued share certificate is needed, do contact the company officers or managing agents (if relevant) for this as soon as possible.
• You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

What makes a Reading lease unmortgageable?

There is nothing unique about leasehold conveyancing in Reading. Most leases is drafted differently and drafting errors can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Coventry Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

Leasehold Conveyancing in Reading - Examples of Questions you should ask Prior to buying

How much is the ground rent and service charge? You should want to discover as much as you can about the managing agents as they can either make your living at the property much simpler or problematic. As the proprietor of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to daily matters such as the cleanliness of the common parts. Enquire of prospective neighbours if they are happy with their management. On a final note, find out the dates that the maintenance charges are due to the managing agents and precisely how they are spending the funds.