Wokingham leasehold conveyancing: Q and A’s
I would like to sublet my leasehold apartment in Wokingham. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your last Wokingham conveyancing solicitor is no longer around you can check your lease to check if you are permitted to let out the premises. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you need to seek consent from your landlord or other appropriate person in advance of subletting. The net result is that you cannot sublet in the absence of prior permission. Such consent should not be unreasonably withheld. If the lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Wokingham. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Wokingham ?
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 apparent that you are buying in Wokingham in which case you should be shopping around for a Wokingham conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.
I am attracted to a couple of apartments in Wokingham which have approximately 50 years left on the leases. Will this present a problem?
There are plenty of short leases in Wokingham. The lease is a right to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field
Can you offer any advice when it comes to appointing a Wokingham conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Wokingham conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three 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 helpful:
- How experienced is the firm with lease extension legislation?
What are the frequently found deficiencies that you see in leases for Wokingham properties?
There is nothing unique about leasehold conveyancing in Wokingham. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the building
- Insurance obligations
- 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
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. Accord Mortgages Ltd, Coventry Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I own a leasehold flat in Wokingham, conveyancing formalities finalised 10 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Wokingham with a long lease are worth £189,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2100
With only 80 years left to run the likely cost is going to range between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.