Aston on Trent leasehold conveyancing: Q and A’s
I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Aston on Trent. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?
Most houses in Aston on Trent are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Aston on Trent so you should seriously consider shopping around for a Aston on Trent conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I am tempted by the attractive purchase price for a two maisonettes in Aston on Trent both have approximately 50 years remaining on the leases. Will this present a problem?
A lease is a right to use the premises for a period of time. As the lease shortens the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this area
What advice can you give us when it comes to appointing a Aston on Trent conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Aston on Trent conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Aston on Trent conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- If they are not ALEP accredited then why not?
All being well we will complete the disposal of our £475000 garden flat in Aston on Trent next week. The managing agents has quoted £420 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Aston on Trent?
For most leasehold sales in Aston on Trent conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-exchange questions
- Where consent is required before sale in Aston on Trent
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the frequently found problems that you witness in leases for Aston on Trent properties?
Leasehold conveyancing in Aston on Trent is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Skipton Building Society, and TSB all have very detailed conveyancing instructions 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, forcing the purchaser to withdraw.
I inherited a studio flat in Aston on Trent, conveyancing having been completed 2009. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Aston on Trent with over 90 years remaining are worth £209,000. The ground rent is £50 yearly. The lease runs out on 21st October 2100
With just 75 years remaining on your lease we estimate the premium for your lease extension to range between £10,500 and £12,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
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