I am on look out for some leasehold conveyancing in Aylsham. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Aylsham - then the leasehold title will always include the short particulars 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.

Planning to exchange soon on a studio apartment in Aylsham. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Aylsham should include some of the following:

• The physical extent of the demise. This will be the property itself but may incorporate a roof space or basement if applicable.

I am attracted to a two flats in Aylsham which have about forty five years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Aylsham is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Aylsham 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 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 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.

I've recently bought a leasehold property in Aylsham. Am I liable to pay service charges relating to a period prior to my ownership?

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. Strange as it may seem, 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).

What advice can you give us when it comes to appointing a Aylsham conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Aylsham conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Aylsham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

• How familiar is the firm with lease extension legislation?

Leasehold Conveyancing in Aylsham - A selection of Questions you should ask Prior to Purchasing

Plenty Aylsham leasehold apartments will have a service bill for maintenance of the building invoiced on behalf of the freeholder. Should you acquire the flat you will have to meet this liability, usually quarterly during the year. This may differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a rentcharge for you to pay yearly, this is usually not a significant figure, say around £25-£75 but you need to check it because sometimes it can be many hundreds of pounds. Where a Aylsham lease has less than eighty years it will affect the salability of the flat. Check with your bank that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will probably have to extend the lease at some point and it is worth finding out how much this would cost. For most Aylshamlease extensions you will need to own the residence for two years in order to be eligible to extend the lease. What prohibitions are there in the Aylsham Lease?

Other Topics

Lease Extensions in Aylsham