I am in need of some leasehold conveyancing in Earl Shilton. Before diving in I would like to find out the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Earl Shilton - 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.

I've found a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a leasehold house in Earl Shilton. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Earl Shilton ?

Most houses in Earl Shilton are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Earl Shilton so you should seriously consider looking for a Earl Shilton conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your solicitor will advise you fully on all the issues.

I am attracted to a couple of maisonettes in Earl Shilton which have approximately fifty years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Earl Shilton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and lenders, leases with less than 75 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 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 premises 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 Earl Shilton 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.

I've recently bought a leasehold property in Earl Shilton. Do I have any liability for service charges relating to a period prior to my ownership?

In a situation 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. 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 are your top tips when it comes to appointing a Earl Shilton conveyancing practice to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Earl Shilton conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Earl Shilton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• How experienced is the practice with lease extension legislation?

Earl Shilton Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing

It is important to be aware whether fixing the lift or some other major work is anticipated to be shared between the tenants and will materially impact the level of the service costs or necessitate a one time payment. How many of the leaseholders are in arrears for their service charge payments? If a Earl Shilton lease has less than 80 years it will affect the value of the property. It is worth checking with your mortgage company that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will most likely need a lease extension sooner rather than later and you need to have some idea of what this would cost. For most Earl Shiltonlease extensions you would be be obliged to have owned the property for two years before you are eligible to carry out a lease extension.

Other Topics

Lease Extensions in Earl Shilton