Sample questions relating to Theale leasehold conveyancing
I am on look out for some leasehold conveyancing in Theale. Before I get started I would like to find out the remaining lease term.
Assuming the lease is registered - and almost all are in Theale - 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.
I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Theale. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Theale are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Theale so you should seriously consider looking for a Theale conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.
Back In 2000, I bought a leasehold flat in Theale. Conveyancing and Yorkshire Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Theale who previously acted has now retired.What should I do?
The first thing you should do is make enquiries of HMLR to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Theale conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a reputable estate agency in Theale where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Theale conveyancing firms. Can you clarify whether the seller of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £300000 apartment in Theale in just under a week. The landlords agents has quoted £420 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Theale?
Theale conveyancing on leasehold flats often involves the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be content to do so. They are at liberty charge a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee required by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. In reality one has little choice but to pay whatever is demanded if you want to sell the property.
Theale Leasehold Conveyancing - A selection of Queries before buying
-
How much is the maintenance charge and ground rent on the property?
Who are the managing agents?
Best to be warned whether changing the roof or some other significant cost is coming up to be shared amongst the leaseholders and will materially impact the level of the maintenance fees or result in a specific invoice.
Other Topics