Reading leasehold conveyancing Example Support Desk Enquiries
I would like to sublet my leasehold flat in Reading. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Notwithstanding that your last Reading conveyancing lawyer is not around you can review your lease to check if it allows you to sublet the apartment. The rule is that if the lease is non-specific, subletting is permitted. There may be a precondition that you are obliged to seek permission from your landlord or other appropriate person before subletting. This means you not allowed to sublet without first obtaining permission. The consent should not be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord for their consent.
Estate agents have just been given the go-ahead to market my basement apartment in Reading.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge invoice – what should I do?
The sensible thing to do is 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 managing agents 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 am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Reading. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
Most houses in Reading are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Reading so you should seriously consider shopping around for a Reading conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should appraise you on the various issues.
I am tempted by the attractive purchase price for a two flats in Reading both have approximately forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Reading. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
I've recently bought a leasehold flat in Reading. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a 1st floor flat in Reading, conveyancing formalities finalised 10 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Reading with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2076
With 56 years left to run the likely cost is going to span between £23,800 and £27,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.