Leasehold Conveyancing in Aston on Trent - Get a Quote from the leasehold experts approved by your lender

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Leasehold conveyancing in Aston on Trent is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Aston on Trent and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Examples of recent questions relating to leasehold conveyancing in Aston on Trent

I am in need of some leasehold conveyancing in Aston on Trent. Before diving in I want to be sure as to the remaining lease term.

If the lease is registered - and most are in Aston on Trent - then the leasehold title will always include the basic details 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.

Last month I purchased a leasehold property in Aston on Trent. Do I have any liability for service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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 am a negotiator for a busy estate agency in Aston on Trent where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Aston on Trent conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?

Provided that the seller has been the owner 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 buyer need not have to wait 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 disposal of the property.

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 purchaser.

Can you provide any top tips for leasehold conveyancing in Aston on Trent from the point of view of speeding up the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Aston on Trent can be reduced where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
  • The majority landlords or Management Companies in Aston on Trent levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Aston on Trent.
  • 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 on Trent state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord consenting to such works. If you dont have the consents in place you should not communicate with the landlord without contacting your solicitor first.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share certificate. Arranging a duplicate share certificate can be a lengthy formality and delays many a Aston on Trent conveyancing deal. Where a duplicate share is required, you should approach the company officers or managing agents (where applicable) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • What makes a Aston on Trent lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Aston on Trent. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Bank of Scotland, and Platform Home Loans Ltd all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.

    I acquired a 2 bed flat in Aston on Trent, conveyancing having been completed 1996. Can you work out an approximate cost of a lease extension? Corresponding properties in Aston on Trent with an extended lease are worth £196,000. The ground rent is £65 charged once a year. The lease comes to an end on 21st October 2086

    With 62 years left to run the likely cost is going to range between £18,100 and £20,800 plus costs.

    The suggested premium range 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 due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Aston on Trent