Fixed-fee leasehold conveyancing in Aspley Guise:

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

Top Five Questions relating to Aspley Guise leasehold conveyancing

I am on look out for some leasehold conveyancing in Aspley Guise. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Aspley Guise - then the leasehold title will always include the basic details 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 own a leasehold house in Aspley Guise. Conveyancing and National Westminster Bank mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Aspley Guise who acted for me is not around.What should I do?

The first thing you should do is make enquiries of 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 practitioner to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful freeholder, 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 which have approximately fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Aspley Guise. The lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this area

Last month I purchased a leasehold house in Aspley Guise. Do I have any liability for 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. Strange as it may seem, 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).

What makes a Aspley Guise lease defective?

There is nothing unique about leasehold conveyancing in Aspley Guise. Most leases are unique and drafting errors can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

  • Repairing obligations to or maintain elements of the premises
  • A duty to insure the building
  • Clauses dealing with recovering service charges for expenditure on the building or common parts.
  • Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and Godiva Mortgages Ltd 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 withdraw.

I acquired a studio flat in Aspley Guise, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Aspley Guise with a long lease are worth £246,000. The ground rent is £55 per annum. The lease ends on 21st October 2092

With only 68 years left to run the likely cost is going to range between £13,300 and £15,400 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Aspley Guise