Top Five Questions relating to Aston Clinton leasehold conveyancing
I wish to sublet my leasehold apartment in Aston Clinton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A lease governs relations between the landlord and you the flat owner; in particular, it will set out if subletting is not allowed, 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 Aston Clinton do not prevent subletting altogether – such a clause would adversely affect the market value the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
Having checked my lease I have discovered that there are only 68 years unexpired on my lease in Aston Clinton. I now wish to extend my lease but my landlord is missing. What should I do?
On the basis that 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 enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to track down the lessor. On the whole a specialist would be useful to carry out a search and prepare a report to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Aston Clinton.
I own a leasehold flat in Aston Clinton. Conveyancing and HSBC Bank mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Aston Clinton who previously acted has now retired.Any advice?
The first thing you should do is contact the Land Registry to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Aston Clinton conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, 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 two flats in Aston Clinton both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Aston Clinton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. 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 premises 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 Clinton 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 the agreed 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.
Do you have any advice for leasehold conveyancing in Aston Clinton with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Aston Clinton can be reduced where you appoint lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
- In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Aston Clinton state that internal structural changes or installing wooden flooring calls for a licence from the Landlord approving such alterations. Where you dont have the approvals in place you should not communicate with the landlord without checking with your lawyer in the first instance.
I acquired a split level flat in Aston Clinton, conveyancing was carried out 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Aston Clinton with a long lease are worth £253,000. The average or mid-range amount of ground rent is £60 levied per year. The lease finishes on 21st October 2085
You have 64 years left to run we estimate the premium for your lease extension to be between £15,200 and £17,600 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.