Top Five Questions relating to Aston leasehold conveyancing
I only have 62 years unexpired on my lease in Aston. I need to extend my lease but my freeholder is absent. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to prove that you have made all reasonable attempts to find the landlord. For most situations an enquiry agent may be useful to try and locate and to produce an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the application to the County Court covering Aston.
Expecting to complete next month on a garden flat in Aston. Conveyancing solicitors have said that they report fully on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Aston should include some of the following:
- You should receive a copy of the lease
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Aston. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Aston ?
The majority of houses in Aston are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Aston in which case you should be shopping around for a Aston conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. 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 upkeep of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.
Do you have any top tips for leasehold conveyancing in Aston with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Aston can be avoided where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers solicitors.
- The majority landlords or Management Companies in Aston charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Aston.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £200000 apartment in Aston next week. The management company has quoted £408 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Aston?
Aston conveyancing on leasehold apartments often necessitates the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to do so. They are at liberty levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge invoiced by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, without which the charge is technically not due. Reality however dictates that you have no option but to pay whatever is demanded if you want to sell the property.
I bought a ground floor flat in Aston, conveyancing formalities finalised 5 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Aston with an extended lease are worth £221,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2083
You have 62 years unexpired we estimate the premium for your lease extension to range between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.