Recently asked questions relating to Wokingham leasehold conveyancing
I am intending to rent out my leasehold flat in Wokingham. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
The lease dictates relations between the freeholder and you the flat owner; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Wokingham do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Back In 2008, I bought a leasehold house in Wokingham. Conveyancing and Britannia mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1994. 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 make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Wokingham conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two apartments in Wokingham both have in the region of forty five years unexpired on the lease term. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
What are your top tips when it comes to appointing a Wokingham conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a Wokingham conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Wokingham 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 useful:
- How many lease extensions has the firm completed in Wokingham in the last year?
When it comes to leasehold conveyancing in Wokingham what are the most common lease defects?
Leasehold conveyancing in Wokingham is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Coventry Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.
Leasehold Conveyancing in Wokingham - Sample of Questions you should ask before buying
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The prefered form of lease structure is a share of the freehold. In this scenario the tenants enjoy control and notwithstanding that a managing agent is usually employed where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
It would be prudent to enquire if there are any onerous restrictions in the lease. By way of example it is fairly common in Wokingham leases that pets are not allowed in in a block in Wokingham. If you love the flatin Wokingham however your cat is not allowed to make the move with you then you have a very hard determination.
You will want to discover as much as you can regarding the company managing the block as they can either make living at the property much easier or problematic. As the proprietor of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to practical matters such as the tidiness of the communal areas. Enquire of other people what they think of them. In conclusion, find out the dates that the service charges are due to the relevant party and precisely what it includes.
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