Looking forward to complete next month on a basement flat in Aston Clinton. Conveyancing lawyers have said that they will have a report out to me on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Aston Clinton should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
• The total extent of the demise. This will be the apartment itself but may incorporate a loft or cellar if applicable.
• Setting out your rights in respect of the communal areas in the block.E.G., does the lease permit a right of way over a path or staircase?
• Does the lease require carpeting throughout thus preventing wood flooring?
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

I am attracted to a two apartments in Aston Clinton which have approximately fifty years left on the lease term. should I be concerned?

There are plenty of short leases in Aston Clinton. The lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena

Last month I purchased a leasehold property in Aston Clinton. Am I liable to pay 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. However, 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).

I work for a reputable estate agent office in Aston Clinton where we see a number of flat sales derailed as a result of short leases. I have been given conflicting advice from local Aston Clinton conveyancing firms. Can you confirm whether the vendor of a flat can commence the lease extension process for the buyer?

As long as 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. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as 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.

Can you provide any top tips for leasehold conveyancing in Aston Clinton with the intention of expediting the sale process?

• Much of the delay in leasehold conveyancing in Aston Clinton can be reduced if you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers lawyers.
• Many landlords or managing agents in Aston Clinton charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Aston Clinton.
• A minority of Aston Clinton leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly 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 buyers or their lawyers.
• If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Organising a re-issued share certificate is often a time consuming formality and slows down many a Aston Clinton home move. Where a new share is needed, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.
• You may think that you are aware of the number of years left on your lease but you should double-check by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. It is therefore essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

Aston Clinton Leasehold Conveyancing - A selection of Queries Prior to Purchasing

Are there any major works anticipated that will increase the service costs? Plenty Aston Clinton leasehold properties will be liable to pay a service charge for the upkeep of the building levied by the management company. Should you buy the property you will have to meet this liability, normally periodically throughout the year. This may differ from several hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. In all probability there will be a ground rent for you to pay yearly, ordinarily this is not a large amount, say around £25-£75 but you should to check it because occasionally it can be surprisingly expensive.