Thatcham leasehold conveyancing Example Support Desk Enquiries
There are only Sixty One years unexpired on my lease in Thatcham. I now wish to extend my lease but my freeholder is absent. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to locate the lessor. In some cases a specialist should be helpful to conduct investigations and to produce a report which can be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Thatcham.
Planning to sign contracts shortly on a basement flat in Thatcham. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Thatcham should include some of the following:
- You should be sent a copy of the lease
I am tempted by the attractive purchase price for a couple of maisonettes in Thatcham which have about 50 years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Thatcham is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and banks, leases with under 75 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. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
I work for a long established estate agency in Thatcham where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Thatcham conveyancing firms. Can you shed some light as to whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
All being well we will complete our sale of a £200000 maisonette in Thatcham in just under a week. The freeholder has quoted £420 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Thatcham?
Thatcham conveyancing on leasehold flats more often than not necessitates the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to assist. They are entitled invoice a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee required by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the charge is technically not due. In reality one has no option but to pay whatever is requested of you if you want to sell the property.
Thatcham Conveyancing for Leasehold Flats - A selection of Queries before buying
Most Thatcham leasehold properties will have a service charge for maintenance of the block set on behalf of the landlord. If you buy the apartment you will have to meet this amount, usually quarterly throughout the year. This can be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge for you to pay yearly, normally this is not a significant figure, say approximately £25-£75 but you need to enquire it because on occasion it can be many hundreds of pounds.
Is anyone aware of any major works anticipated that could increase the service fees?
Does the lease contain onerous restrictions?