Sample questions relating to Aspley Guise leasehold conveyancing
My husband and I may need to let out our Aspley Guise ground floor flat temporarily due to taking a sabbatical. We instructed a Aspley Guise conveyancing practice in 2001 but they have since shut and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
Your lease dictates the relationship between the freeholder and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Aspley Guise do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.
I have just started marketing my garden apartment in Aspley Guise.Conveyancing has not commenced but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should 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 managing agents will not acknowledge the buyer until 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've recently bought a leasehold property in Aspley Guise. Do I have any liability for 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
I am a negotiator for a reputable estate agency in Aspley Guise where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Aspley Guise conveyancing solicitors. Can you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
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 are your top tips when it comes to choosing a Aspley Guise conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Aspley Guise conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Aspley Guise conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- If the firm is not ALEP accredited then what is the reason?
I purchased a studio flat in Aspley Guise, conveyancing having been completed 1995. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Aspley Guise with an extended lease are worth £194,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2096
With only 73 years unexpired we estimate the price of your lease extension to be between £10,500 and £12,000 as well as costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs 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 issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.