Recently asked questions relating to Aspley Guise leasehold conveyancing
I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Aspley Guise. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
The majority of houses in Aspley Guise are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Aspley Guise in which case you should be shopping around for a Aspley Guise conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should report to you on the legal implications.
Last month I purchased a leasehold flat in Aspley Guise. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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. Strange as it may seem, 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 finding a Aspley Guise conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Aspley Guise conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Aspley Guise conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- What volume of lease extensions has the firm conducted in Aspley Guise in the last 12 months?
Do you have any top tips for leasehold conveyancing in Aspley Guise with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Aspley Guise can be reduced if you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers solicitors.
- The majority freeholders or Management Companies in Aspley Guise charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Aspley Guise.
What makes a Aspley Guise lease problematic?
There is nothing unique about leasehold conveyancing in Aspley Guise. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- 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 issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Bank of Scotland, and Alliance & Leicester 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 is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
I invested in buying a 1 bedroom flat in Aspley Guise, conveyancing was carried out 9 years ago. How much will my lease extension cost? Corresponding flats in Aspley Guise with an extended lease are worth £254,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2073
You have 50 years unexpired we estimate the price of your lease extension to span between £42,800 and £49,400 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.