I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Aughton. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

The majority of houses in Aughton are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Aughton so you should seriously consider looking for a Aughton conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.

I am attracted to a couple of apartments in Aughton which have approximately fifty years unexpired on the lease term. Do I need to be concerned?

A lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this area

I work for a long established estate agency in Aughton where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Aughton conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has owned the lease 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. The benefit of this is that the proposed purchaser 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 sale.

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 buyer.

What advice can you give us when it comes to appointing a Aughton conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Aughton conveyancing firm) it is imperative 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 Aughton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• How familiar is the firm with lease extension legislation?

In relation to leasehold conveyancing in Aughton what are the most frequent lease defects?

Leasehold conveyancing in Aughton is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations 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.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Norwich and Peterborough Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

Aughton Leasehold Conveyancing - Sample of Queries Prior to buying

Is anyone aware of any major works in the near future that will likely add a premium to the service fees? What is the name of the managing agents? It would be a good idea to investigate if there is anything that is prohibited in the lease. For instance it is reasonably common in Aughton leases that pets are not permitted in certain buildings in Aughton. If you love the apartmentin Aughton however your dog is not allowed to move with you then you have a very hard determination.

Other Topics

Lease Extensions in Aughton