Leasehold Conveyancing in Newbury - Get a Quote from the leasehold experts approved by your lender

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Frequently asked questions relating to Newbury leasehold conveyancing

I am in need of some leasehold conveyancing in Newbury. Before diving in I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and almost all are in Newbury - 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 have recently realised that I have Sixty One years remaining on my lease in Newbury. I need to get lease extension but my landlord is can not be found. What should I do?

On the basis that you qualify, 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 enable the lease to be granted an extra 90 years by the Court. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the freeholder. On the whole a specialist should be useful to carry out a search and to produce a report to be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s absence and the application to the County Court overseeing Newbury.

I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Newbury. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

The majority of houses in Newbury are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Newbury so you should seriously consider shopping around for a Newbury conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.

I've recently bought a leasehold property in Newbury. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee 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 ensure 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).

Do you have any advice for leasehold conveyancing in Newbury with the purpose of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Newbury can be reduced where you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
  • The majority freeholders or Management Companies in Newbury levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. 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 common cause of delay in leasehold conveyancing in Newbury.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Newbury state that internal structural changes or installing wooden flooring require a licence issued by the Landlord approving such changes. Where you dont have the approvals in place do not contact the landlord without checking with your conveyancer first.
  • A minority of Newbury leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Organising a replacement share certificate is often a time consuming process and slows down many a Newbury conveyancing transaction. Where a new share is needed, do contact the company officers or managing agents (where relevant) for this sooner rather than later.

    • I invested in buying a split level flat in Newbury, conveyancing was carried out in 2000. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Newbury with over 90 years remaining are worth £196,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2098

    With only 74 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 as well as costs.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Newbury