I am looking at a couple of maisonettes in Tilehurst both have in the region of fifty years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Tilehurst. The lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease reduces and it becomes more costly to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena

I am employed by a busy estate agency in Tilehurst where we have experienced a number of flat sales put at risk as a result of short leases. I have received inconsistent advice from local Tilehurst conveyancing firms. Please can you shed some light as to whether the seller of a flat can start the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 simultaneously with completion of the sale.

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.

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

When appointing a conveyancer for lease extension works (regardless if they are a Tilehurst conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Tilehurst conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• How familiar is the firm with lease extension legislation?
• What volume of lease extensions have they completed in Tilehurst in the last 12 months?

Can you provide any top tips for leasehold conveyancing in Tilehurst from the point of view of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Tilehurst can be avoided where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information needed by the buyers conveyancers.
• Many freeholders or Management Companies in Tilehurst levy fees for providing management packs for a leasehold homes. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Tilehurst.
• A minority of Tilehurst leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
• If you hold a share in a the freehold, you should make sure that you hold the original share certificate. Obtaining a new share certificate is often a time consuming formality and slows down many a Tilehurst conveyancing transaction. Where a duplicate share certificate is needed, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.
• You believe that you know the number of years left on your lease but it would be wise to double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

If all goes to plan we aim to complete the disposal of our £ 250000 maisonette in Tilehurst in 8 days. The management company has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Tilehurst?

Tilehurst conveyancing on leasehold apartments typically results in administration charges invoiced by freeholders :

• Addressing pre-exchange enquiries
• Where consent is required before sale in Tilehurst
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Tilehurst leasehold premises is £350. For Tilehurst 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 answers.

Leasehold Conveyancing in Tilehurst - A selection of Queries Prior to Purchasing

Is there a share of the freehold? Where a Tilehurst lease has no more than eighty years it will impact the salability of the apartment. It is worth checking with your lender that they are willing to lend given the lease term. A short lease means that you will probably have to extend the lease at some point and it is worth finding out what this will be. Remember, in most cases you will be be obliged to have owned the residence for a couple of years before you are eligible to extend the lease. Are any of leasehold owners in dispute over their service charge liability?