Guaranteed fixed fees for Leasehold Conveyancing in Aston on Trent

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Recently asked questions relating to Aston on Trent leasehold conveyancing

Due to sign contracts shortly on a garden flat in Aston on Trent. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Aston on Trent should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Whether the lease restricts you from subletting the property, or working from home
  • You must be told what counts as a Nuisance in the lease
  • You should have a good understanding of the insurance provisions
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Aston on Trent please enquire of your lawyer in ahead of your conveyancing in Aston on Trent

    • I am looking at a two flats in Aston on Trent both have in the region of fifty years left on the lease term. should I be concerned?

    There is no doubt about it. A leasehold flat in Aston on Trent is a wasting 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. For most buyers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 on Trent 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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 reputable estate agency in Aston on Trent where we see a few leasehold sales jeopardised due to short leases. I have received conflicting advice from local Aston on Trent conveyancing solicitors. Please can you shed some light as to whether the seller of a flat can instigate 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

    Alternatively, it may be possible 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 buyer.

    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 avoided if you instruct lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
    • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Aston on Trent state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. Where you dont have the approvals in place do not contact the landlord without checking with your solicitor first.
  • 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 obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • What makes a Aston on Trent lease problematic?

    Leasehold conveyancing in Aston on Trent is not unique. Most leases are individual and drafting errors can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Coventry Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

    Aston on Trent Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing

      How many of the leaseholders are in arrears for their service charge payments? The prefered form of lease arrangement is a share of the freehold. In this situation the lessees 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. How many years remain on the lease?

    Other Topics

    Lease Extensions in Aston on Trent