I am attracted to a couple of apartments in Alfriston both have approximately 50 years unexpired on the leases. Will this present a problem?

A lease is a right to use the premises for a period of time. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this field

I am a negotiator for a reputable estate agent office in Alfriston where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Alfriston conveyancing solicitors. Please can you clarify whether the vendor of a flat can instigate the lease extension process for the buyer?

As long as the seller has been the owner 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. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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 purchaser.

Can you offer any advice when it comes to appointing a Alfriston conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Alfriston conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Alfriston conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• How experienced is the practice with lease extension legislation?

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £200000 garden flat in Alfriston in just under a week. The managing agents has quoted £348 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Alfriston?

Alfriston conveyancing on leasehold flats normally necessitates the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to address such questions most will be content to assist. They are at liberty charge a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality one has little option but to pay whatever is requested of you should you wish to sell the property.

In relation to leasehold conveyancing in Alfriston what are the most common lease defects?

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

• Repairing obligations to or maintain elements of the property
• A duty to insure the building
• 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

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, The Mortgage Works, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.

Leasehold Conveyancing in Alfriston - Sample of Queries Prior to buying

How much is the ground rent and service charge? The answer will be useful as a) areas may result in problems for the block as the common areas may start to deteriorate where repairs are not paid for b) if the tenants have a dispute with the running of the building you will want to have all the details Make sure you investigate if the the lease includes any unreasonable restrictions in the lease. For instance plenty of leases prohibit pets being allowed in in a block in Alfriston. If you like the propertyin Alfriston yet your cat can’t make the move with you then you have a very difficult decision.

Other Topics

Lease Extensions in Alfriston