I am on look out for some leasehold conveyancing in Alvaston. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and almost all 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 am attracted to a couple of apartments in Alvaston both have approximately fifty years left on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Alvaston is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and lenders, leases with under 75 years become less and less attractive. 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 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 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 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.

I've recently bought a leasehold house in Alvaston. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

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

When appointing a conveyancer for your lease extension (regardless if they are a Alvaston conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Alvaston conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• How experienced is the firm with lease extension legislation?

Completion in due on the sale of our £500000 flat in Alvaston on Friday in a week. The management company has quoted £336 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Alvaston?

Alvaston conveyancing on leasehold maisonettes often necessitates the buyer’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be content to do so. They may charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that you have little option but to pay whatever is demanded if you want to sell the property.

Alvaston Leasehold Conveyancing - A selection of Questions you should consider before buying

If a Alvaston lease has no more than eighty years it will affect the marketability of the flat. It is worth checking with your mortgage company that they are content with the length of the lease. A short lease means that you will almost definitely require a lease extension sooner rather than later and it is worth discovering how much this will be. For most Alvastonlease extensions you will be required to have been the owner of the property for two years in order to be legally able to extend the lease. It would be wise to find out as much as possible about the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to practical matters such as the tidiness of the communal areas. Don't be afraid to ask prospective neighbours what they think of their service. On a final note, be sure you know the dates that the service charges are due to the managing agents and specifically what you get for your money. The answer will be helpful as a) areas may result in problems for the block as the common areas may begin to deteriorate if services are not paid for b) if the leaseholders have an issue with the managing agents you will wish to have complete disclosure

Other Topics

Lease Extensions in Alvaston