Fixed-fee leasehold conveyancing in Thatcham:

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When it comes to leasehold conveyancing in Thatcham, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your lender is to be Halifax, Birmingham Midshires or NatWest be sure to choose a lawyer on their panel. Find a Thatcham conveyancing lawyer with our search tool

Recently asked questions relating to Thatcham leasehold conveyancing

I am in need of some leasehold conveyancing in Thatcham. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is registered - 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.

Back In 2008, I bought a leasehold house in Thatcham. Conveyancing and Santander mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Thatcham who acted for me is not around.Do I pay?

The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to incur the fees of a Thatcham conveyancing practitioner 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 landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two maisonettes in Thatcham which have approximately fifty years left on the leases. should I be concerned?

There is no doubt about it. A leasehold flat in Thatcham is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with less than eighty 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 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 property 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 the agreed 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 practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer 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 recommend that you speak with several 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 helpful:

  • If they are not ALEP accredited then what is the reason?
  • Can they put you in touch with client in Thatcham who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Thatcham from the perspective of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Thatcham can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers solicitors.
    • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Thatcham leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord consenting to such works. If you dont have the consents to hand you should not contact the landlord without checking with your solicitor in advance.
  • A minority of Thatcham leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the yearly 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share document. Obtaining a replacement share certificate can be a time consuming process and slows down many a Thatcham home move. If a duplicate share is required, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I inherited a studio flat in Thatcham, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Thatcham with over 90 years remaining are worth £215,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2080

    With just 58 years remaining on your lease the likely cost is going to range between £20,900 and £24,200 plus costs.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. 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 move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Thatcham