Frequently asked questions relating to Wokingham leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Wokingham. Before diving in I want to be sure as to the remaining lease term.
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.
I only have Sixty One years unexpired on my lease in Wokingham. I need to get lease extension but my freeholder is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to locate the freeholder. In some cases an enquiry agent would be helpful to conduct investigations and prepare an expert document which can be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s disappearance and the application to the County Court overseeing Wokingham.
I today plan to offer on a house that seems to be perfect, at a great price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Wokingham. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Wokingham are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Wokingham in which case you should be shopping around for a Wokingham conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will report to you on the legal implications.
I've recently bought a leasehold house in Wokingham. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Can you offer any advice when it comes to appointing a Wokingham conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Wokingham conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Wokingham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- How familiar is the practice with lease extension legislation?
I inherited a split level flat in Wokingham, conveyancing was carried out 10 years ago. How much will my lease extension cost? Comparable flats in Wokingham with over 90 years remaining are worth £248,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2096
With just 73 years unexpired the likely cost is going to range between £13,300 and £15,400 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.