Recently asked questions relating to Aston on Trent leasehold conveyancing
I am on look out for some leasehold conveyancing in Aston on Trent. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Aston on Trent - 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.
Helen (my wife) and I may need to let out our Aston on Trent garden flat for a while due to a career opportunity. We instructed a Aston on Trent conveyancing firm in 2004 but they have closed and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
The lease governs the relationship between the landlord and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Aston on Trent do not contain strict prohibition on subletting – such a clause would adversely affect the market value the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I've found a house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Aston on Trent. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Aston on Trent are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Aston on Trent in which case you should be looking for a Aston on Trent conveyancing practitioner and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should report to you on the legal implications.
I've recently bought a leasehold property in Aston on Trent. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner 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. It is an essential part 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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £375000 maisonette in Aston on Trent in six days. The management company has quoted £372 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Aston on Trent?
Aston on Trent conveyancing on leasehold apartments often involves the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to assist. They are at liberty invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee required by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, without which the invoice is technically not due. In reality you have no option but to pay whatever is requested of you should you wish to complete the sale of your home.
I invested in buying a basement flat in Aston on Trent, conveyancing formalities finalised in 2006. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Aston on Trent with a long lease are worth £223,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2095
With just 72 years unexpired we estimate the price of your lease extension to be between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide 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 are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.