Frequently asked questions relating to Slough leasehold conveyancing
I am on look out for some leasehold conveyancing in Slough. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Slough - 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 am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Slough. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Slough ?
Most houses in Slough are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Slough so you should seriously consider shopping around for a Slough conveyancing solicitor and check 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 lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.
I am attracted to a two maisonettes in Slough which have in the region of fifty years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Slough is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and mortgage companies, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Slough conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Do you have any top tips for leasehold conveyancing in Slough with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Slough can be bypassed if you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers.
- The majority freeholders or managing agents in Slough charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Slough.
What makes a Slough lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Slough. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Chelsea Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
Slough Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
What prohibitions are contained in the Slough Lease?
Many Slough leasehold properties will have a service bill for maintenance of the building levied on behalf of the management company. Where you purchase the apartment you will have to pay this charge, usually periodically accross the year. This could differ from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all likelihood there will be a rentcharge for you to pay annual, this is usually not a exorbitant amount, say approximately £50-£100 but you need to check as occasionally it can be many hundreds of pounds.
It is important to be aware if fixing the lift or some other significant cost is due shortly to be shared between the leaseholders and could well materially impact the level of the service charges or result in a specific invoice.