Fixed-fee leasehold conveyancing in Aldershot:

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Questions and Answers: Aldershot leasehold conveyancing

I own a leasehold flat in Aldershot. Conveyancing and Platform Home Loans Ltd mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Aldershot who previously acted has now retired.Do I pay?

First contact the Land Registry to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Aldershot conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a couple of flats in Aldershot which have in the region of forty five years left on the lease term. Do I need to be concerned?

There are plenty of short leases in Aldershot. The lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

What advice can you give us when it comes to choosing a Aldershot conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Aldershot conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Aldershot 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 of use:

  • What volume of lease extensions have they carried out in Aldershot in the last year?
  • Can they put you in touch with client in Aldershot who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in Aldershot from the perspective of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Aldershot can be bypassed if you instruct lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the buyers lawyers.
    • The majority landlords or managing agents in Aldershot levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Aldershot.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Aldershot leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord acquiescing to such works. Should you dont have the approvals to hand you should not communicate with the landlord without contacting your conveyancer first.
  • A minority of Aldershot leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet 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 had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.

    • What makes a Aldershot lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Aldershot. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and Clydesdale all have very detailed 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, forcing the purchaser to withdraw.

    Aldershot Leasehold Conveyancing - Sample of Questions you should consider before buying

      How many of the leaseholders are in arrears for their maintenance charge payments? This information is useful as a) areas could result in problems for the building as the common areas may start to deteriorate if repairs remain unpaid b) if the tenants have an issue with the running of the building you will need to know about it Is anyone aware of any major works on the horizon that could increase the service costs?

    Other Topics

    Lease Extensions in Aldershot