I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Aspley Guise. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?

The majority of houses in Aspley Guise are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Aspley Guise so you should seriously consider shopping around for a Aspley Guise conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should advise you fully on all the issues.

I own a leasehold house in Aspley Guise. Conveyancing and Nottingham Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Aspley Guise who acted for me is not around.Do I pay?

First contact the Land Registry to be sure that this person is in fact the new freeholder. You do not need to incur the fees of a Aspley Guise conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a couple of apartments in Aspley Guise both have approximately fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Aspley Guise is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and banks, leases with under eighty 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 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 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.

I've recently bought a leasehold property in Aspley Guise. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation where the service charge has already been demanded from the previous owner 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

If all goes to plan we aim to complete the sale of our £150000 maisonette in Aspley Guise next week. The management company has quoted £396 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Aspley Guise?

Aspley Guise conveyancing on leasehold maisonettes usually involves the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is not legally bound to address these enquiries most will be willing to assist. They are at liberty charge a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee levied by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has no option but to pay whatever is demanded if you want to sell the property.

Leasehold Conveyancing in Aspley Guise - Examples of Questions you should consider Prior to buying

Most Aspley Guise leasehold apartments will have a service charge for the upkeep of the block invoiced by the freeholder. If you buy the flat you will have to meet this contribution, usually periodically during the year. This may vary from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a rentcharge to be met annual, normally this is not a significant sum, say about £25-£75 but you should to enquire it because sometimes it could be many hundreds of pounds. How many of the leaseholders are in arrears for their service charge payments? Be sure to discover if the the lease contains any adverse restrictions in the lease. For example plenty of leases prohibit pets being permitted in certain buildings in Aspley Guise. If you like the propertyin Aspley Guise but your dog can’t live with you then you have a very hard decision.

Other Topics

Lease Extensions in Aspley Guise