Frequently asked questions relating to Thatcham leasehold conveyancing
I have recently realised that I have Seventy years remaining on my flat in Thatcham. I now wish to extend my lease but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order 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 have done all that could be expected to locate the lessor. In some cases a specialist may be useful to carry out a search and to produce an expert document to be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s disappearance and the application to the County Court overseeing Thatcham.
I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Thatcham. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Thatcham ?
The majority of houses in Thatcham are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Thatcham in which case you should be looking for a Thatcham conveyancing practitioner and be sure 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 tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your lawyer should appraise you on the various issues.
What are your top tips when it comes to finding a Thatcham conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Thatcham conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Thatcham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- 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?
- Much of the frustration in leasehold conveyancing in Thatcham can be reduced if you instruct lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers representatives.
- Many landlords or Management Companies in Thatcham levy fees 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 on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Thatcham.
If all goes to plan we aim to complete our sale of a £400000 garden flat in Thatcham in nine days. The managing agents has quoted £408 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Thatcham?
Thatcham conveyancing on leasehold apartments often requires the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be content to assist. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it is above £800. The administration charge invoiced by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. Reality however dictates that you have little option but to pay whatever is demanded should you wish to complete the sale of your home.
I am the registered owner of a 2 bed flat in Thatcham, conveyancing was carried out in 2001. Can you work out an approximate cost of a lease extension? Comparable flats in Thatcham with an extended lease are worth £234,000. The ground rent is £65 charged once a year. The lease ends on 21st October 2090
You have 69 years unexpired we estimate the price of your lease extension to span between £12,400 and £14,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.