I am on look out for some leasehold conveyancing in Aspley Guise. Before I get started I would like to find out the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Aspley Guise - 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.

Having checked my lease I have discovered that there are only Seventy years remaining on my lease in Aspley Guise. I now wish to get lease extension but my freeholder is missing. What are my options?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you have used your best endeavours to track down the landlord. For most situations a specialist should be useful to try and locate and to produce a report to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Aspley Guise.

I have just started marketing my garden flat in Aspley Guise.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge invoice – should I leave it to the buyer to sort out?

Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a two apartments in Aspley Guise which have approximately forty five years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Aspley Guise is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability 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 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 Aspley Guise 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.

What are your top tips when it comes to appointing a Aspley Guise conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Aspley Guise conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend 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 so much the better. Some following of questions might be helpful:

• How many lease extensions have they conducted in Aspley Guise in the last year?

Aspley Guise Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing

Its a good idea to find out as much as you can concerning the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to daily matters like the cleanliness of the communal areas. You should not be shy to ask other people what they think of their service. Finally, find out the dates that the maintenance charges are due to the managing agents and specifically what you get for your money. On the whole the cost for major works tend not to be included within maintenance charges, albeit that some managing agents in Aspley Guise require tenants to pay into a reserve fund and this is used to offset against major repairs or maintenance. How much is the ground rent and service charge?

Other Topics

Lease Extensions in Aspley Guise