I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Wokingham. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

Most houses in Wokingham are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Wokingham so you should seriously consider looking for a Wokingham conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.

I own a leasehold house in Wokingham. Conveyancing and Yorkshire Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Wokingham who previously acted has long since retired.What should I do?

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. There is no need to instruct a Wokingham conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured 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.

I am tempted by the attractive purchase price for a two apartments in Wokingham which have approximately fifty years remaining on the leases. should I be concerned?

There are plenty of short leases in Wokingham. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field

Do you have any advice for leasehold conveyancing in Wokingham from the perspective of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Wokingham can be avoided where you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers representatives.
• Many freeholders or managing agents in Wokingham charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. 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 Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
• If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Organising a duplicate share certificate can be a time consuming formality and delays many a Wokingham home move. If a duplicate share is required, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.
• You may think that you are aware of the number of years left on your lease but you should double-check by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

What makes a Wokingham lease problematic?

Leasehold conveyancing in Wokingham is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. 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 premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to pull out.

Wokingham Leasehold Conveyancing - Examples of Queries before Purchasing

How much is the maintenance charge and ground rent on the property? What is the name of the managing agents?