Frequently asked questions relating to Aston Clinton leasehold conveyancing
I own a leasehold house in Aston Clinton. Conveyancing and Godiva Mortgages Ltd mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Aston Clinton who acted for me is not around.Do I pay?
The first thing you should do is contact HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Aston Clinton conveyancing lawyer to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of apartments in Aston Clinton which have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Aston Clinton is a deteriorating 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. The majority of purchasers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat 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 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
I am a negotiator for a long established estate agency in Aston Clinton where we see a number of leasehold sales jeopardised due to short leases. I have received conflicting advice from local Aston Clinton conveyancing firms. Please can you shed some light as to whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having 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.
Alternatively, it may be possible to agree the lease extension with the freeholder 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.
What are your top tips when it comes to finding a Aston Clinton conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Aston Clinton conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Aston Clinton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- What volume of lease extensions have they completed in Aston Clinton in the last 12 months?
Can you provide any advice for leasehold conveyancing in Aston Clinton from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Aston Clinton can be avoided if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information needed by the buyers conveyancers.
- If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Aston Clinton leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord approving such works. If you fail to have the consents to hand you should not contact the landlord without contacting your solicitor first.
I purchased a 1st floor flat in Aston Clinton, conveyancing having been completed 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Aston Clinton with a long lease are worth £201,000. The ground rent is £55 levied per year. The lease expires on 21st October 2090
With just 69 years remaining on your lease the likely cost is going to span between £12,400 and £14,200 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.