I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Aldridge. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

The majority of houses in Aldridge are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Aldridge in which case you should be shopping around for a Aldridge conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.

My wife and I purchased a leasehold house in Aldridge. Conveyancing and Godiva Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Aldridge who acted for me is not around.Any advice?

The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Aldridge conveyancing solicitor to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two flats in Aldridge both have in the region of fifty years unexpired on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Aldridge is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Aldridge conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What are your top tips when it comes to choosing a Aldridge conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Aldridge conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Aldridge conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• If the firm is not ALEP accredited then what is the reason?

Completion in due on the disposal of our £225000 flat in Aldridge on Tuesday in a week. The managing agents has quoted £420 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Aldridge?

Aldridge conveyancing on leasehold apartments normally necessitates the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions the majority will be willing to do so. They are at liberty levy a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, without which the charge is not strictly payable. Reality however dictates that one has no choice but to pay whatever is demanded should you wish to exchange contracts with the buyer.

I inherited a studio flat in Aldridge, conveyancing having been completed 3 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Aldridge with a long lease are worth £175,000. The ground rent is £60 invoiced annually. The lease ends on 21st October 2082

You have 57 years left to run we estimate the premium for your lease extension to span between £28,500 and £33,000 plus costs.

The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. 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 you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

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Lease Extensions in Aldridge