Recently asked questions relating to Tilehurst leasehold conveyancing
I am in need of some leasehold conveyancing in Tilehurst. Before diving in I would like to find out the number of years remaining on the lease.
If the lease is registered - and almost all are in Tilehurst - 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 rent out my leasehold apartment in Tilehurst. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your previous Tilehurst conveyancing solicitor is no longer available you can check your lease to check if you are permitted to let out the apartment. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you need to obtain permission via your landlord or some other party in advance of subletting. This means that you cannot sublet in the absence of prior consent. Such consent should not be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
I am attracted to a couple of flats in Tilehurst both have about forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this area
I am employed by a long established estate agent office in Tilehurst where we have witnessed a number of flat sales put at risk due to short leases. I have received inconsistent advice from local Tilehurst conveyancing firms. Please can you shed some light as to whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
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. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as 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 purchaser.
Completion in due on our sale of a £350000 maisonette in Tilehurst next Wednesday . The landlords agents has quoted £336 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Tilehurst?
Tilehurst conveyancing on leasehold flats often necessitates the buyer’s lawyer sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to assist. They are at liberty levy a reasonable charge for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee required by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, without which the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I inherited a 1st floor flat in Tilehurst, conveyancing was carried out 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Tilehurst with over 90 years remaining are worth £220,000. The ground rent is £55 per annum. The lease finishes on 21st October 2083
You have 58 years left to run we estimate the premium for your lease extension to range between £28,500 and £33,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
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