Sample questions relating to Aylesbury leasehold conveyancing
Having checked my lease I have discovered that there are only Sixty One years unexpired on my flat in Aylesbury. I now wish to extend my lease but my landlord is can not be found. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to find the landlord. For most situations an enquiry agent should be useful to try and locate and to produce an expert document to be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Aylesbury.
Due to complete next month on a ground floor flat in Aylesbury. Conveyancing lawyers assured me that they report fully within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Aylesbury should include some of the following:
- You should be sent a copy of the lease
I am tempted by the attractive purchase price for a two apartments in Aylesbury which have in the region of 50 years remaining on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Aylesbury is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most buyers and lenders, leases with less than 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 property 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 Aylesbury conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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've recently bought a leasehold flat in Aylesbury. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
Can you provide any top tips for leasehold conveyancing in Aylesbury with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Aylesbury can be bypassed if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the buyers representatives.
- The majority landlords or managing agents in Aylesbury charge for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Aylesbury.
I invested in buying a split level flat in Aylesbury, conveyancing was carried out 7 years ago. How much will my lease extension cost? Comparable properties in Aylesbury with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease expires on 21st October 2089
With just 68 years unexpired we estimate the price of your lease extension to be between £11,400 and £13,200 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other 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.