Sample questions relating to Aston Clinton leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Aston Clinton. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is registered - and most are in Aston Clinton - 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.
Due to sign contracts shortly on a leasehold property in Aston Clinton. Conveyancing solicitors have said that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Aston Clinton should include some of the following:
- You should receive a copy of the lease
I have just started marketing my 2 bed apartment in Aston Clinton.Conveyancing is yet to be initiated but I have just had a quarterly maintenance charge invoice – Do I pay up?
It best that you clear the invoice 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 management companies 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 found a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Aston Clinton. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Aston Clinton ?
The majority of houses in Aston Clinton are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Aston Clinton so you should seriously consider shopping around for a Aston Clinton conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will report to you on the legal implications.
I work for a long established estate agent office in Aston Clinton where we have witnessed a few flat sales put at risk as a result of short leases. I have received contradictory information from local Aston Clinton conveyancing solicitors. Can you clarify whether the seller of a flat can commence the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. 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.
Alternatively, it may be possible 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.
I am the registered owner of a garden flat in Aston Clinton, conveyancing having been completed 8 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Aston Clinton with over 90 years remaining are worth £229,000. The ground rent is £45 yearly. The lease comes to an end on 21st October 2075
With only 50 years remaining on your lease the likely cost is going to range between £39,000 and £45,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
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