Leasehold Conveyancing in Aston - Get a Quote from the leasehold experts approved by your lender

When it comes to leasehold conveyancing in Aston, you will need to chose a conveyancing lawyer with leasehold experience. Whether your lender is to be Clydesdale , Yorkshire Building Society or Bradford & Bingley make sure you choose a lawyer on their approved list. Feel free to use our search tool

Top Five Questions relating to Aston leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Aston. Before I get started I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Aston - then the leasehold title will always include the short particulars 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 am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Aston. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Aston are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Aston in which case you should be shopping around for a Aston conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.

I am looking at a two flats in Aston both have about fifty years unexpired on the lease term. should I be concerned?

There are no two ways about it. A leasehold apartment in Aston is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most buyers and lenders, leases with under 75 years become less and less attractive. On a more positive 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 a residence 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 Aston 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 am employed by a long established estate agency in Aston where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Aston conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 purchaser.

Can you provide any top tips for leasehold conveyancing in Aston from the perspective of saving time on the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Aston can be avoided where you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Aston leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord approving such alterations. Where you fail to have the approvals in place do not contact the landlord without contacting your lawyer before hand.
  • Some Aston leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

  • Aston Leasehold Conveyancing - A selection of Questions you should ask before buying

      If a Aston lease has less than 80 years it will affect the salability of the property. It is worth checking with your mortgage company that they are content with residual term of the lease. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension at some point and you need to have some idea of what this will be. For most Astonlease extensions you will be required to have owned the premises for two years before you are legally able to exercise a lease extension. The majority of Aston leasehold properties will incur a service bill for maintenance of the building levied by the landlord. Where you purchase the flat you will have to pay this liability, usually in instalments during the year. This can be anything from a couple of hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all likelihood there will be a rentcharge for you to pay annual, ordinarily this is not a significant figure, say around £50-£100 but you should to enquire as sometimes it could be prohibitively expensive. What restrictions are contained in the Aston Lease?

    Other Topics

    Lease Extensions in Aston