I am in a contract race with another buyer for a property in Reading. What can be done to hasten the conveyancing process?

In the event that you are under pressure to complete it is advisable to make sure that your solicitor is familiar with the area as they will benefit local connections and know-how. It is even conceivable that they would have transacted otherproperties in the same neighbourhood. You would be best advised to use a Reading conveyancing firm. In addition, be sure that the lawyer is on the member panel. It is said that nearly one in five of Reading conveyancing deals are held up or derailed after discovering a buyer’s solicitor was not on their banks member panel. This can often result in the conveyancing being delayed by as much as 21 days. It is estimated that this issue impacts approximately one hundred thousand home moves annually. Almost all Reading conveyancing firms can not act for certain banks so do check as early as possible.

I have a renovated Victorian house in Reading. Conveyancing solicitor represented me and Nationwide Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold under the matching address. I'd like to know for sure, how can I find out??

You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Reading and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing solicitor who conducted the purchase.

I am buying my first flat in Reading with the aid of help to buy. The developers would not move on the amount so I negotiated 6k of extras instead. The property agent advised me not reveal to my lawyer about this deal as it will impact my mortgage with Britannia. Should I keep quiet?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I have been on the look out for a leasehold apartment up to £305k and identified one round the corner in Reading I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 years on the lease. I can't really find anything else in Reading in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?

If you need a mortgage the shortness of the lease will be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.

I am a negotiator for a long established estate agent office in Reading where we see a few flat sales derailed due to short leases. I have been given contradictory information from local Reading conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can commence the lease extension process for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

I inherited a 1st floor flat in Reading, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Similar flats in Reading with an extended lease are worth £260,000. The ground rent is £45 levied per year. The lease comes to an end on 21st October 2099

With only 75 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.