I am in need of some leasehold conveyancing in Thatcham. Before I set the wheels in motion I would like to find out the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Thatcham - 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 would like to sublet my leasehold apartment in Thatcham. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

A small minority of properties in Thatcham do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I am attracted to a couple of flats in Thatcham both have in the region of fifty years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Thatcham is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 a residence 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 Thatcham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

Can you offer any advice when it comes to appointing a Thatcham conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Thatcham conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Thatcham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• What volume of lease extensions have they completed in Thatcham in the last 12 months?
• Can they put you in touch with client in Thatcham who can give a testimonial?

Do you have any top tips for leasehold conveyancing in Thatcham from the perspective of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Thatcham can be avoided if you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation which will be required by the buyers solicitors.
• Many landlords or managing agents in Thatcham charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Thatcham.
• If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Thatcham leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. Where you dont have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer in the first instance.
• Some Thatcham leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual 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 purchasers or their lawyers.
• You believe that you know the number of years left on your lease but it would be wise to verify this via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

I own a 2 bed flat in Thatcham, conveyancing formalities finalised 1998. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Thatcham with a long lease are worth £189,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2087

With just 61 years remaining on your lease the likely cost is going to range between £19,000 and £22,000 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.