Top Five Questions relating to Reading leasehold conveyancing
There are only Sixty One years unexpired on my flat in Reading. I now wish to get lease extension but my freeholder is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the lessor. On the whole an enquiry agent may be helpful to conduct investigations and prepare a report which can be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Reading.
Expecting to sign contracts shortly on a garden flat in Reading. Conveyancing lawyers have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Reading should include some of the following:
- You should be sent a copy of the lease
I am a negotiator for a long established estate agency in Reading where we see a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Reading conveyancing solicitors. Could you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you offer any advice when it comes to choosing a Reading conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Reading conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise 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 might be of use:
- If the firm is not ALEP accredited then why not?
Do you have any advice for leasehold conveyancing in Reading with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Reading can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Reading state that internal structural changes or installing wooden flooring require a licence issued by the Landlord acquiescing to such changes. Should you fail to have the paperwork to hand do not communicate with the landlord without contacting your conveyancer in advance.
I am the registered owner of a ground floor flat in Reading, conveyancing formalities finalised in 1995. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Reading with a long lease are worth £231,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease expires on 21st October 2077
With only 54 years left to run we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should 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.