Examples of recent questions relating to leasehold conveyancing in Reading
I am on look out for some leasehold conveyancing in Reading. Before I get started I would like to find out the remaining lease term.
If the lease is registered - and 99.9% are in Reading - then the leasehold title will always include the short particulars 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 recently realised that I have 72 years unexpired on my flat in Reading. I need to extend my lease but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to track down the lessor. On the whole an enquiry agent would be helpful to conduct investigations and to produce a report to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court overseeing Reading.
My wife and I purchased a leasehold house in Reading. Conveyancing and Nationwide Building Society mortgage organised. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Reading who acted for me is not around.Any advice?
The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to instruct a Reading conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two flats in Reading both have approximately fifty years left on the leases. 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 period of time. As the lease shortens the marketability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena
I am a negotiator for a busy estate agency in Reading where we see a few leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Reading conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
As long as 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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
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 buyer.
I bought a ground floor flat in Reading, conveyancing having been completed 2001. How much will my lease extension cost? Comparable flats in Reading with an extended lease are worth £255,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2105
With just 80 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
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