I am on look out for some leasehold conveyancing in Alvaston. Before diving in I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Alvaston - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I've found a house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Alvaston. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Alvaston ?

The majority of houses in Alvaston are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Alvaston in which case you should be shopping around for a Alvaston conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.

I am attracted to a couple of maisonettes in Alvaston which have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Alvaston is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of buyers and lenders, leases with under 75 years become less and less attractive. 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 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 a residence 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 Alvaston conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

Can you provide any advice for leasehold conveyancing in Alvaston from the perspective of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Alvaston can be bypassed if you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Alvaston leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord consenting to such works. If you fail to have the approvals to hand you should not contact the landlord without checking with your solicitor in the first instance.

A minority of Alvaston leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the buyers or their solicitors.

If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to ongoing.

If you hold a share in a the Management Company, you should ensure that you have the original share document. Organising a duplicate share certificate is often a lengthy formality and delays many a Alvaston home move. Where a new share is necessary, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.

We expect to complete the sale of our £425000 flat in Alvaston in 10 days. The freeholder has quoted £396 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Alvaston?

For most leasehold sales in Alvaston conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing pre-exchange questions
• Where consent is required before sale in Alvaston
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Alvaston leasehold property is £350. For Alvaston conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply answers.

Alvaston Leasehold Conveyancing - A selection of Queries Prior to buying

It is important to be aware whether changing the roof or some other significant cost is due shortly that will be shared by the tenants and will dramatically increase the the maintenance fees or result in a specific payment. How many years remain on the lease? Does the lease contain onerous restrictions?

Other Topics

Lease Extensions in Alvaston