Frequently asked questions relating to Theale leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Theale. Before diving in 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 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.
There are only Fifty years unexpired on my flat in Theale. I need to get lease extension but my landlord is can not be found. What should I do?
If you meet the appropriate requirements, 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 enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the freeholder. In some cases an enquiry agent would be helpful to carry out a search and prepare a report which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Theale.
My wife and I purchased a leasehold house in Theale. Conveyancing and Virgin Money mortgage are in place. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Theale who acted for me is not around.What should I do?
The first thing you should do is contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Theale conveyancing lawyer to do this as you can do this on the Land Registry website for £3. You should note that in any event, 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 long established estate agency in Theale where we see a number of leasehold sales put at risk due to short leases. I have been given contradictory information from local Theale conveyancing firms. Can you confirm whether the owner of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible 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 purchaser.
Completion in due on the disposal of our £350000 garden flat in Theale next week. The landlords agents has quoted £396 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Theale?
Theale conveyancing on leasehold apartments more often than not requires the purchaser’s conveyancer submitting questions for the landlord to answer. Although the landlord is not legally bound to answer these enquiries the majority will be willing to do so. They may levy a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some situations it is in excess of £800. The administration charge levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality you have little option but to pay whatever is requested of you should you wish to sell the property.
I invested in buying a basement flat in Theale, conveyancing having been completed 2002. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Theale with an extended lease are worth £175,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2082
With 62 years unexpired we estimate the price of your lease extension to be between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.