Estate agents have just been given the go-ahead to market my basement apartment in Aspley Guise.Conveyancing solicitors are to be appointed soon but I have just had a quarterly maintenance charge demand – what should I do?

The sensible thing to do is clear 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. This will smooth the conveyancing process.

My wife and I purchased a leasehold flat in Aspley Guise. Conveyancing and Barclays Direct mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Aspley Guise who previously acted has now retired.Do I pay?

First 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 lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate 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 maisonettes in Aspley Guise which have approximately fifty years remaining on the leases. should I be concerned?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field

I work for a reputable estate agent office in Aspley Guise where we see a number of flat sales jeopardised as a result of short leases. I have received contradictory information from local Aspley Guise conveyancing firms. Can you shed some light as to whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

What advice can you give us when it comes to finding a Aspley Guise conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Aspley Guise conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you talk 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 could be helpful:

• Can they put you in touch with client in Aspley Guise who can give a testimonial?

I bought a basement flat in Aspley Guise, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Aspley Guise with a long lease are worth £206,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2098

With 73 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Aspley Guise