Fixed-fee leasehold conveyancing in Aston on Trent:

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While any conveyancing practice can theoretically handle your leasehold conveyancing in Aston on Trent, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Aston on Trent leasehold conveyancing

I own a leasehold flat in Aston on Trent. Conveyancing and Bank of Ireland mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Aston on Trent who acted for me is not around.What should I do?

First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Aston on Trent conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a busy estate agency in Aston on Trent where we see a number of flat sales derailed as a result of short leases. I have received inconsistent advice from local Aston on Trent conveyancing firms. Can you shed some light as to whether the seller of a flat can commence the lease extension formalities 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 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as 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 on Trent conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Aston on Trent conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Aston on Trent conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • How familiar is the firm with lease extension legislation?
  • If they are not ALEP accredited then why not?

    • Do you have any top tips for leasehold conveyancing in Aston on Trent with the aim of expediting the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Aston on Trent can be reduced if you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers representatives.
    • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Aston on Trent leases often stipulate that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such changes. Should you dont have the paperwork to hand you should not communicate with the landlord without contacting your conveyancer in advance.
  • Some Aston on Trent leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Arranging a re-issued share certificate is often a time consuming process and delays many a Aston on Trent conveyancing transaction. Where a duplicate share certificate is necessary, you should approach the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but you should verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 75 years. In the circumstances it is important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

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

    Leasehold conveyancing in Aston on Trent is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    Leasehold Conveyancing in Aston on Trent - A selection of Queries Prior to Purchasing

      How is the lease structured? How many years remain on the lease? Be sure to find out if the the lease contains any onerous restrictions in the lease. For example it is very common in Aston on Trent leases that pets are not permitted in in a block in Aston on Trent. If you like the propertyin Aston on Trent yet your dog can’t live with you then you have a very hard choice.

    Other Topics

    Lease Extensions in Aston on Trent