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

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Leasehold conveyancing in Aldersbrook is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Aldersbrook and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Common questions relating to Aldersbrook leasehold conveyancing

I have just started marketing my 2 bed flat in Aldersbrook.Conveyancing has not commenced but I have just received a quarterly maintenance charge invoice – what should I do?

The sensible thing to do is discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I've found a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Aldersbrook. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

Most houses in Aldersbrook are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Aldersbrook in which case you should be shopping around for a Aldersbrook conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should report to you on the legal implications.

I am tempted by the attractive purchase price for a two flats in Aldersbrook both have approximately fifty years remaining on the lease term. Do I need to be concerned?

There are plenty of short leases in Aldersbrook. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area

Do you have any advice for leasehold conveyancing in Aldersbrook from the point of view of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Aldersbrook can be reduced if you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
  • Many freeholders or managing agents in Aldersbrook charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Aldersbrook.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Aldersbrook state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Where you dont have the approvals in place you should not communicate with the landlord without checking with your lawyer first.
  • A minority of Aldersbrook leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Obtaining a replacement share certificate is often a time consuming process and frustrates many a Aldersbrook conveyancing transaction. If a duplicate share certificate is required, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.

    • I inherited a first flat in Aldersbrook. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?

    Absolutely. We can put you in touch with a Aldersbrook conveyancing firm who can help.

    An example of a Freehold Enfranchisement case for a Aldersbrook residence is 9 Granville Road in June 2014. The tribunal determines the enfranchisement price payable by the applicants for the freehold was £32,548 This case was in relation to 5 flats. The unexpired lease term was 73.8 years.

    What makes a Aldersbrook lease problematic?

    Leasehold conveyancing in Aldersbrook is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • 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

    You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Barnsley 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 does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

    Other Topics

    Lease Extensions in Aldersbrook