Fixed-fee leasehold conveyancing in Wokingham:

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When it comes to leasehold conveyancing in Wokingham, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Clydesdale , Yorkshire Building Society or Bradford & Bingley make sure you choose a lawyer on their panel. Feel free to use our search tool

Common questions relating to Wokingham leasehold conveyancing

I’m about to sell my garden flat in Wokingham.Conveyancing has not commenced but I have just had a yearly maintenance charge invoice – what should I do?

It best that you pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Wokingham. Conveyancing advisers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Wokingham ?

The majority of houses in Wokingham are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Wokingham so you should seriously consider looking for a Wokingham conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.

My wife and I purchased a leasehold house in Wokingham. Conveyancing and Britannia mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Wokingham who previously acted has long since retired.Any advice?

The first thing you should do is contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Wokingham conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Do you have any advice for leasehold conveyancing in Wokingham with the intention of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Wokingham can be avoided where you appoint lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
  • Many landlords or Management Companies in Wokingham levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Wokingham.
  • Some Wokingham leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
  • You believe that you know the number of years remaining on your lease but you should double-check by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • What makes a Wokingham lease defective?

    Leasehold conveyancing in Wokingham is not unique. Most leases are unique and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Mortgage Works, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.

    I invested in buying a 1st floor flat in Wokingham, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable properties in Wokingham with over 90 years remaining are worth £195,000. The ground rent is £55 charged once a year. The lease terminates on 21st October 2095

    With 69 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 as well as professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be 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 move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Wokingham