Leasehold Conveyancing in Aspley Guise - Get a Quote from the leasehold experts approved by your lender

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While any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Aspley Guise, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Aspley Guise leasehold conveyancing: Q and A’s

Helen (my wife) and I may need to rent out our Aspley Guise basement flat temporarily due to a new job. We instructed a Aspley Guise conveyancing practice in 2001 but they have since shut and we did not think at the time get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Your lease dictates the relationship between the freeholder and you the leaseholder; in particular, it will say if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Aspley Guise do not contain subletting altogether – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Aspley Guise. Conveyancing advisers have are soon to be appointed. Will they explain the issues?

The majority of houses in Aspley Guise are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Aspley Guise in which case you should be looking for a Aspley Guise conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will advise you fully on all the issues.

I am looking at a two flats in Aspley Guise which have approximately fifty years unexpired on the leases. should I be concerned?

A lease is a right to use the premises for a prescribed time frame. As the lease shortens the marketability of the lease decreases and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area

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

If you are instructing a property lawyer for lease extension works (regardless if they are a Aspley Guise conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Aspley Guise conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • How many lease extensions has the firm carried out in Aspley Guise in the last twenty four months?
  • What are the legal fees for lease extension work?

    • Can you provide any advice for leasehold conveyancing in Aspley Guise with the intention of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Aspley Guise can be bypassed if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers solicitors.
    • If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Aspley Guise state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord approving such alterations. Where you fail to have the approvals in place do not communicate with the landlord without contacting your lawyer in the first instance.
  • Some Aspley Guise leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may have to bite the bullet 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 particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than ongoing.
  • If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Obtaining a new share certificate is often a lengthy process and frustrates many a Aspley Guise home move. If a new share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.

    • I own a 1 bedroom flat in Aspley Guise, conveyancing formalities finalised 3 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Aspley Guise with a long lease are worth £206,000. The average or mid-range amount of ground rent is £65 levied per year. The lease runs out on 21st October 2079

    With only 54 years left to run the likely cost is going to range between £28,500 and £33,000 plus legals.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.

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    Lease Extensions in Aspley Guise