Top Five Questions relating to Aylesbury leasehold conveyancing
Planning to exchange soon on a studio apartment in Aylesbury. Conveyancing lawyers inform me that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Aylesbury should include some of the following:
- You should receive a copy of the lease
I today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Aylesbury. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Aylesbury ?
Most houses in Aylesbury are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Aylesbury in which case you should be looking for a Aylesbury conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will report to you on the legal implications.
My wife and I purchased a leasehold house in Aylesbury. Conveyancing and Yorkshire Building Society mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Aylesbury who acted for me is not around.What should I do?
First make enquiries of the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Aylesbury conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold flat in Aylesbury. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner 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).
I am a negotiator for a busy estate agency in Aylesbury where we have witnessed a number of leasehold sales derailed due to short leases. I have received conflicting advice from local Aylesbury conveyancing solicitors. Please can you confirm whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
Aylesbury Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying
The answer will be helpful as a) areas could result in problems in the block as the communal areas may begin to deteriorate if maintenance are not paid for b) if the leaseholders have an issue with the managing agents you will wish to know about it
What prohibitions exist in the Aylesbury Lease?
Best to be warned whether window replacement or some other major work is anticipated to be shared between the leaseholders and may well dramatically impact the level of the service charges or result in a one off invoice.