Thatcham leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Thatcham. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Thatcham - 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.
My partner and I may need to let out our Thatcham ground floor flat for a while due to taking a sabbatical. We instructed a Thatcham conveyancing firm in 2002 but they have closed and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?
Notwithstanding that your previous Thatcham conveyancing lawyer is no longer available you can review your lease to see if you are permitted to let out the property. The accepted inference is that if the deeds are silent, subletting is allowed. There may be a precondition that you need to seek consent via your landlord or some other party before subletting. This means that you cannot sublet in the absence of first obtaining consent. Such consent should not be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord for their consent.
I am looking at a two maisonettes in Thatcham which have approximately fifty years left on the lease term. Will this present a problem?
There are plenty of short leases in Thatcham. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena
Can you offer any advice when it comes to choosing a Thatcham conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Thatcham conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Thatcham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How many lease extensions have they completed in Thatcham in the last twenty four months?
Can you provide any top tips for leasehold conveyancing in Thatcham with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Thatcham can be bypassed if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Thatcham leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. Where you dont have the consents to hand you should not contact the landlord without contacting your conveyancer in advance.
Thatcham Leasehold Conveyancing - A selection of Queries before Purchasing
Please note if it is fewer than eighty years it will impact the value of the apartment. Check with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely need a lease extension at some point and it is worth discovering how much this would cost. For most Thatchamlease extensions you will be be obliged to have owned the property for a couple of years before you are eligible to extend the lease.
How many of the leaseholders are in arrears for their maintenance charge payments?
Best to be warned whether window replacement or some other major work is due in the foreseeable future that will be shared amongst the tenants and could well dramatically increase the the service fees or require a specific payment.