I am hoping to sign contracts shortly on a garden flat in Aylesford. Conveyancing solicitors inform me that they are sending me a report tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Aylesford should include some of the following:

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years

I’m about to sell my ground floor apartment in Aylesford.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – Do I pay up?

The sensible thing to do is discharge the service charge 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 managing agents 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 today plan to offer on a house that appears to be perfect, at a reasonable price which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Aylesford. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Aylesford ?

Most houses in Aylesford are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Aylesford in which case you should be looking for a Aylesford conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is located on an estate. Your lawyer should appraise you on the various issues.

I've recently bought a leasehold flat in Aylesford. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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 employed by a reputable estate agency in Aylesford where we have witnessed a few leasehold sales derailed due to short leases. I have received contradictory information from local Aylesford conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has been the owner 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 proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

Alternatively, it may be possible 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.

I acquired a basement flat in Aylesford, conveyancing formalities finalised 2006. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Aylesford with a long lease are worth £180,000. The ground rent is £65 invoiced annually. The lease finishes on 21st October 2085

With 60 years left to run we estimate the premium for your lease extension to range between £20,900 and £24,200 as well as legals.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.

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Lease Extensions in Aylesford