Sample questions relating to Wokingham leasehold conveyancing
I am on look out for some leasehold conveyancing in Wokingham. Before I get started I would like to find out the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Wokingham - 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.
Planning to exchange soon on a studio apartment in Wokingham. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Wokingham should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
I am employed by a reputable estate agent office in Wokingham where we have experienced a few flat sales derailed as a result of short leases. I have received inconsistent advice from local Wokingham conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can start the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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.
Do you have any advice for leasehold conveyancing in Wokingham from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Wokingham can be avoided where you get in touch lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers representatives.
- If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Wokingham state that internal structural alterations or addition of wooden flooring require a licence from the Landlord consenting to such changes. Should you dont have the approvals to hand do not communicate with the landlord without checking with your conveyancer first.
If all goes to plan we aim to complete our sale of a £350000 maisonette in Wokingham next Wednesday . The freeholder has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Wokingham?
Wokingham conveyancing on leasehold maisonettes nine out of ten times involves fees being levied by freeholders :
- Completing pre-exchange questions
- Where consent is required before sale in Wokingham
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I invested in buying a 1 bedroom flat in Wokingham, conveyancing having been completed 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Wokingham with over 90 years remaining are worth £240,000. The ground rent is £60 invoiced every year. The lease comes to an end on 21st October 2105
With just 80 years unexpired we estimate the premium for your lease extension to range between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
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