Due to sign contracts shortly on a garden flat in Alresford. Conveyancing lawyers assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Alresford should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years

My wife and I purchased a leasehold house in Alresford. Conveyancing and Halifax mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Alresford who previously acted has long since retired.What should I do?

The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. There is no need to instruct a Alresford conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a two maisonettes in Alresford both have in the region of fifty years unexpired on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Alresford is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most purchasers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Alresford 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.

I am a negotiator for a reputable estate agency in Alresford where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Alresford conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is 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.

Can you provide any advice for leasehold conveyancing in Alresford from the point of view of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Alresford can be bypassed if you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the buyers representatives.
• If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Alresford leases often stipulate that internal structural changes or addition of wooden flooring require a licence from the Landlord consenting to such alterations. Where you fail to have the paperwork to hand do not contact the landlord without checking with your solicitor in advance.

Alresford Leasehold Conveyancing - Sample of Questions you should consider Prior to buying

How many years remain on the lease? How many of the leaseholders are in arrears for their maintenance charge payments? Please note if it is no more than 80 years it will impact the salability of the flat. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely need a lease extension sooner rather than later and it is worth discovering what this would cost. For most Alresfordlease extensions you would be be obliged to have owned the residence for 24 months in order to be entitled to exercise a lease extension.

Other Topics

Lease Extensions in Alresford