Sample questions relating to Thatcham leasehold conveyancing
I am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Thatcham. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Thatcham ?
Most houses in Thatcham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Thatcham in which case you should be looking for a Thatcham conveyancing practitioner and be sure that they are used to transacting 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 for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will advise you fully on all the issues.
Back In 2006, I bought a leasehold house in Thatcham. Conveyancing and Aldermore mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Thatcham who previously acted has long since retired.Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to instruct a Thatcham conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a couple of maisonettes in Thatcham both have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
A 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 costly to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area
All being well we will complete our sale of a £450000 flat in Thatcham on Friday in a week. The freeholder has quoted £360 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Thatcham?
Thatcham conveyancing on leasehold flats more often than not involves the buyer’s lawyer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions most will be content to assist. They may levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, otherwise the charge is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to sell the property.
In relation to leasehold conveyancing in Thatcham what are the most common lease defects?
Leasehold conveyancing in Thatcham is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , The Mortgage Works, and Nottingham Building Society all have express 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, obliging the buyer to pull out.
I own a studio flat in Thatcham, conveyancing having been completed 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Thatcham with an extended lease are worth £212,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2082
With only 61 years left to run we estimate the price of your lease extension to be between £19,000 and £22,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to 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.