Top Five Questions relating to Aylesbury leasehold conveyancing
I am on look out for some leasehold conveyancing in Aylesbury. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is registered - and most are in Aylesbury - then the leasehold title will always include the basic details 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.
I have just appointed agents to market my ground floor flat in Aylesbury.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am attracted to a couple of maisonettes in Aylesbury both have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Aylesbury is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. 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 Aylesbury 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
What advice can you give us when it comes to choosing a Aylesbury conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Aylesbury conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Aylesbury conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How familiar is the firm with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Aylesbury with the purpose of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Aylesbury can be reduced where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the buyers conveyancers.
- Many landlords or managing agents in Aylesbury levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Aylesbury.
Aylesbury Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
How long is the Lease?
The majority of Aylesbury leasehold apartments will incur a service charge for the upkeep of the building levied by the management company. If you acquire the property you will have to meet this charge, normally in instalments during the year. This could differ from two or three hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a rentcharge to be met yearly, this is usually not a large amount, say approximately £50-£100 but you should to check it because on occasion it could be prohibitively expensive.
Does the lease contain onerous restrictions?