I am on look out for some leasehold conveyancing in Aston Clinton. Before diving in I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Aston Clinton - 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.

Having checked my lease I have discovered that there are only 62 years unexpired on my lease in Aston Clinton. I am keen to extend my lease but my landlord is missing. What options are available to me?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you have done all that could be expected to track down the lessor. On the whole a specialist may be helpful to conduct investigations and prepare an expert document to be accepted by the court as proof that the freeholder is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the vesting order request to the County Court overseeing Aston Clinton.

I am tempted by the attractive purchase price for a two flats in Aston Clinton both have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Aston Clinton is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers 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 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 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 Aston Clinton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 am a negotiator for a busy estate agency in Aston Clinton where we see a few leasehold sales put at risk as a result of short leases. I have been given conflicting advice from local Aston Clinton conveyancing firms. Can you confirm whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?

Provided that 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 proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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 buyer.

Are there common deficiencies that you encounter in leases for Aston Clinton properties?

There is nothing unique about leasehold conveyancing in Aston Clinton. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Coventry Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

Aston Clinton Leasehold Conveyancing - Examples of Queries Prior to buying

What is the the remaining lease term? Please tell me if there are any major works in the near future that could add a premium to the service costs? Plenty Aston Clinton leasehold properties will be liable to pay a service charge for maintenance of the building levied on behalf of the management company. If you purchase the apartment you will have to meet this contribution, usually periodically throughout the year. This could differ from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a ground rent to be met annual, ordinarily this is not a exorbitant sum, say approximately £25-£75 but you should to enquire as sometimes it can be prohibitively expensive.

Other Topics

Lease Extensions in Aston Clinton