Experts for Leasehold Conveyancing in Theale

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Top Five Questions relating to Theale leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Theale. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

Assuming the lease is registered - and almost all are in Theale - 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.

I would like to sublet my leasehold apartment in Theale. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

A lease dictates the relationship between the freeholder and you the leaseholder; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Theale do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I am attracted to a two apartments in Theale which have in the region of 50 years unexpired on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Theale is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat 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 a residence 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 Theale 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

What advice can you give us when it comes to appointing a Theale conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Theale conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Theale conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

  • How experienced is the practice with lease extension legislation?
  • What are the legal fees for lease extension work?

  • Completion in due on the sale of our £450000 maisonette in Theale in 5 days. The management company has quoted £372 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Theale?

    For the majority of leasehold sales in Theale conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Completing pre-exchange enquiries
    • Where consent is required before sale in Theale
    • Supplying insurance information
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Theale leasehold property is £350. For Theale conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

    Theale Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing

      What restrictions are contained in the Theale Lease? How much is the service charge and ground rent on the flat? Best to be warned whether changing the roof or some other significant cost is due in the near future that will be shared by the leasehold owners and will materially increase the the maintenance fees or result in a one time invoice.

    Other Topics

    Lease Extensions in Theale