Leasehold Conveyancing in Reading - Get a Quote from the leasehold experts approved by your lender

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While any conveyancing practice can theoretically handle your leasehold conveyancing in Reading, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Frequently asked questions relating to Reading leasehold conveyancing

Looking forward to sign contracts shortly on a studio apartment in Reading. Conveyancing lawyers have said that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Are you allowed to have a pet in the flat?
  • Whether the lease restricts you from letting out the property, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • 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
  • 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 enquire of your solicitor in advance of your conveyancing in Reading

    • I’m about to sell my basement flat in Reading.Conveyancing has not commenced but I have just had a yearly maintenance charge invoice – what should I do?

    The sensible thing to do is discharge 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. Having a clear account will assist your cause and will leave you no worse off financially.

    My wife and I purchased a leasehold house in Reading. Conveyancing and Barnsley Building Society mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Reading who acted for me is not around.What should I do?

    The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Reading conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am attracted to a two flats in Reading which have approximately forty five years remaining on the leases. Will this present a problem?

    There are plenty of short leases in Reading. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the marketability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

    Can you provide any advice for leasehold conveyancing in Reading from the point of view of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Reading can be bypassed where you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
    • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Reading leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord approving such alterations. Where you fail to have the approvals in place do not communicate with the landlord without contacting your conveyancer first.
  • Some Reading leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The purchasers 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 buyers, but it is better to reveal the dispute as over rather than ongoing.
  • 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 conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 80 years. It is therefore essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I own a ground floor flat in Reading, conveyancing having been completed 1997. How much will my lease extension cost? Comparable flats in Reading with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £50 per annum. The lease expires on 21st October 2097

    You have 71 years left to run the likely cost is going to be between £11,400 and £13,200 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 provide a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Reading