Sample questions relating to Aston Clinton leasehold conveyancing
I am hoping to complete next month on a garden flat in Aston Clinton. Conveyancing solicitors inform me that they are sending me a report tomorrow. 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 total extent of the property. This will be the apartment itself but could also incorporate a roof space or basement if appropriate.
I have just appointed agents to market my basement flat in Aston Clinton.Conveyancing has not commenced but I have just had a half-yearly service charge demand – Do I pay up?
The sensible thing to do is pay 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 unless 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 today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Aston Clinton. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
The majority of houses in Aston Clinton are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Aston Clinton so you should seriously consider looking for a Aston Clinton conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will advise you fully on all the issues.
I am looking at a couple of apartments in Aston Clinton which have about 50 years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Aston Clinton. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
What are your top tips when it comes to finding a Aston Clinton conveyancing practice to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Aston Clinton conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several 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 could be of use:
- How experienced is the practice with lease extension legislation?
Leasehold Conveyancing in Aston Clinton - Sample of Questions you should consider Prior to Purchasing
Where a Aston Clinton lease has fewer than eighty years it will have adverse implications on the marketability of the apartment. Check with your lender that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension at some point and it is worth finding out what this will be. Remember, in most cases you would be required to have been the owner of the property for 24 months before you are legally able to extend the lease.
What is the name of the managing agents?
The prefered form of lease arrangement is a share of the freehold. In this scenario the tenants have being in charge if their destiny and even though a managing agent is usually employed where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.