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Buying a leasehold property means at some stage you may be faced with needing to extend your lease.

The longer you own a leasehold property, the shorter the lease becomes and this can affect your property’s value as well as your ability to sell it in the future.

What is a lease extension?

A lease extension is a process of adding years back onto a lease and extending the time you have before the property reverts back into the ownership of the freeholder.

Owning a leasehold property means you own the right to live in a property for a set period rather than own the land it stands on. The land is owned by a freeholder or landlord who will charge a ground rent.

In most cases, leasehold properties are flats, where the overall building and land is owned by a freeholder.

Can I extend my lease?

Under statutory law, you can extend the lease on a flat by 90 years if you’ve owned it for more than two years and there were at least 21 years remaining on the lease when you bought it.

When should I extend my lease?

Generally, people extend their lease between 80 and 90 years. Usually, because they may be looking to sell in the future and want to make sure the property is mortgageable. 

What are the consequences of failing to extend your lease?

If any lease on a long leasehold residential property is not extended, it simply expires and runs out.

That could mean you have to leave your home and will certainly mean that you will no longer have any legal rights to any financial investment you have made.

If you want to discuss a lease extension on your property, our specialist team of solicitors are happy to help. Please contact us on 01753 486777

At Aston Bond it’s important for our clients to know us better so that they can trust and feel comfortable working with us.

So we set up a little quiz to help you get to know our team better. 

Here are the results…

“Notice to complete” is a legal document that is typically issued by the seller’s solicitor or conveyancer to the buyer’s solicitor.

It is used in property transactions in the United Kingdom to set a deadline for the buyer to complete the purchase of the property.

When parties enter into a contract for the sale and purchase of a property, there is usually a completion date agreed upon. The completion date is the day when the ownership of the property transfers from the seller to the buyer, and the balance of the purchase price is paid.

If the buyer fails to complete the purchase on or before the agreed completion date, the seller can issue a notice to complete.

This notice typically provides the buyer with a specific period of time, often between 10 to 14 days, to complete the purchase.

The notice will also usually state that if the buyer fails to complete within the specified time, the seller may take certain actions, such as rescinding the contract, retaining the buyer’s deposit, and potentially seeking additional damages.

The notice to complete serves as a formal reminder and puts the buyer on notice that failure to complete within the specified time frame may have legal consequences. It is designed to encourage the buyer to fulfill their contractual obligations promptly and proceed with the purchase.

It is always advisable to consult with a qualified solicitor or conveyancer who can provide accurate and up-to-date advice tailored to your situation.

For all your property needs, contact our friendly team of solicitors at Aston Bond on 01753 486 777 or email kconner@astonbond.co.uk

Signing a contract is a crucial moment in any business or legal transaction. It represents a binding agreement between parties and outlines their rights, responsibilities, and obligations.

However, signing a contract should not be taken lightly. It requires careful consideration and attention to detail to ensure that all parties are protected and that the terms of the agreement are clear and enforceable.

In this article, we will discuss the essential steps for signing a contract.

1.Read and Understand the Contract

Before signing any contract, it is essential to read and understand its contents thoroughly. Pay close attention to the terms, conditions, and clauses outlined in the agreement. If there are any sections that are unclear or confusing, seek clarification from the other party or consult a legal professional. Understanding the contract is vital to protect your interests and avoid potential misunderstandings in the future.

2. Seek Legal Advice if Necessary

In complex business transactions or legal matters, it is wise to seek legal advice from a qualified professional. A lawyer can review the contract, identify potential risks, and provide guidance on any necessary modifications or additional clauses.

3. Get a copy of the Signed Contract

After signing the contract, make sure to obtain a copy for your records. Retaining a copy of the signed agreement is essential for future reference and potential legal disputes. It serves as evidence of the terms agreed upon by all parties involved and provides a reliable source of information if conflicts arise.

4. Do you have the Mental capacity?

To enter into a contract, a person must have a mental capacity sufficient to understand the nature and consequences of their actions. If mental capacity is absent, the contract is voidable by the person lacking capacity.

For example, a contract signed while heavily intoxicated, cannot be considered valid as the signee did not possess the capacity to consent at the time.

5. Negotiate and Discuss Terms

If there are terms or clauses in the contract that you are uncomfortable with or that require further clarification, engage in open and honest discussions with the other party. Negotiation is a common practice in contract agreements, and both parties should have a chance to express their concerns and find mutually acceptable solutions.

Signing a contract is a significant commitment, and it is crucial to approach it with care and attention to detail. By following the steps outlined above, you can ensure that the terms of the agreement are clear, your interests are protected, and both parties are entering into a binding contract with full understanding and consent.

6. Date signed

The “signature date” is important as it is evidence of what day a party has signed. Since a contract is formed between at least two or more signing parties, it’s possible that both signing parties sign on the same date or on different dates.

At Aston Bond, we specialise in all sorts of contracts – be that advising on or drafting from scratch. If you would like an initial consultation to discuss your requirements, you can reach us at 01753 486777 or info@astonbond.co.uk. 

Completing working experience at Aston Bond was a great learning experience. My day to day generally consisted of admin work with the occasional client meeting throughout the week.

As an aspiring Solicitor, I was aware that admin work would take up a large part of the first few years of my career. Working with Nicola Darby, Aston Bond’s paralegal, I was able to get a hands-on idea of what this would be like. My week work experience with Aston Bond was thus a very practical and useful experience.

I would thoroughly recommend work experience at Aston Bond to any student who is eager to pursue a career in law, and is interested to gain a broad insight into the profession. From challenges locating relevant documents to sitting in on client meetings the team at Aston Bond was always friendly and professional.

The firm has a generally relaxed style which I believe will put any others who have work experience here at ease. Everyone was approachable at any time if I had any queries.

My outlook on the world of law and knowledge on what being a solicitor consists of has considerably increased due to this enriching and intriguing work experience.

Thank you to all the staff at Aston Bond for the opportunity and for such a positive experience.

Benjamin Amoah

At Aston Bond, we have specialists in both residential and commercial property conveyancing, but do you know the difference?

Commercial properties are intended for business activities, such as offices, retail stores, hotels, warehouses, and industrial facilities. Whereas residential properties are designed for individuals and families to live in. They provide housing accommodations for private use.

Residential properties also prioritize features that cater to comfortable living. They typically offer separate rooms, kitchens, bathrooms, bedrooms, and living areas, aiming to create functional and cozy living spaces for occupants.

While commercial properties are designed to meet the specific needs of businesses and often feature larger floor plans, open spaces, and specialized infrastructure. They may include amenities like loading docks, elevators, parking lots, and commercial-grade utilities.

Commercial properties are also subject to specific regulations and codes related to business operations, safety, accessibility, fire protection, zoning restrictions, and commercial leasing agreements while residential properties are governed by regulations focused on housing standards, building codes, health and safety requirements, tenant rights, and rental agreements.

It’s important to note that there can be variations and overlaps between commercial and residential properties based on specific local regulations. That’s when we step in. Our team of expert solicitors can guide you swiftly through any conveyancing process with ease.

Please contact 01753 48777 or info@astonbond.co.uk

Completing working experience at Aston Bond was a completely professional experience which provided me with invaluable insight into the practice of law. As a first year Law student, I was keen to develop my professional identity and Aston Bond assisted me greatly.

From my first day I was greeted with my own workspace and introduced to each member of staff. This immediately helped me to feel at ease alongside the friendly atmosphere in the office which I was able to familiarise myself with over the week.

During my work experience, I never felt shy of asking questions, even if it wasn’t specific to my set tasks, I felt comfortable inquiring if I had any questions about the relevant wider practice of law. This in my opinion is of paramount importance as I believe that work experience should predominantly be learning experience.

The insight I gained throughout the week I would also attribute to the office layout, with all members of staff being located on one floor. I felt that this created an easy way for me to access to the departments and observe the specialist skills of members of staff whilst they were working. To further enhance my experience, I was able to attend different client meetings, shadow solicitors and communicate with clients by drafting letters and preparing relevant documents such as residential conveyancing initial letters to clients.

Furthermore, the office dynamic of Aston Bond, which is sociable and yet still focused, has furthered my ambition to become a solicitor. This was because of the realistic portrayal of the routine of a solicitor and legal firm generally which I was able to experience.

I highly recommend Aston Bond for work experience as in my experience I was treated with nothing but respect and pragmatism. Thank you to all the staff at Aston Bond for creating such a positive experience for me.

By Ella Bampton

Last Friday, Kulbir Conner (Head of Residential Property here at Aston Bond) invited Tarun Puri (Founder and CEO of Sherwood Studios) as her guest to see for himself the value that being a BNI member can bring.

Sherwood Studios is a recording studio based in Maidenhead, Berkshire. Their aim is to be able to provide opportunities for young aspiring creatives and artists across Berkshire.  They provide a creative space to come to and where they are able to express themselves freely and without judgment within a professional studio setting.

BNI is an organisation set up for professionals who help each other grow their businesses through their relationships, commitment and mutual referrals.

Aston Bond has been a member of Windsor BNI for many years’ and we value the long-lasting relationships we have built over that time.  It is as much about being able to provide our clients with trusted referrals when asked as about us getting business. 

Tarun was made to feel very welcome by all BNI members at Windsor and he thoroughly enjoyed meeting everyone.

Please visit https://sherwood-studios.com/ for any more queries!

It’s Learning At Work Week, so we have taken this opportunity to ask members of our team what learning is like at Aston Bond. Today we speak to Trainee Solicitor Kanchana Kumari who specialises in the Wills & Probate team…

Tell us about your role and the department you are in….

I am a trainee solicitor in the Private Client department and my role varies from drafting Wills, Codicils, Deed of Variations/Revocation, Lasting Powers of Attorney, to Inheritance Tax forms for probate purposes. Alongside this, I oversee all administrative tasks involved in the department which include liaising with various companies to obtain and collate asset information regarding matters of estate administration.

What is the support like at Aston Bond….

I am constantly encouraged by my team to take on new matters which will further my training. I expressed interest in Contentious Probate which was met with encouragement from the Litigation department to deal with matters such as Larke v Nugus requests which has been a great learning curve for me.

What is your favourite thing about being a trainee solicitor…

My favourite thing about being a trainee solicitor is that the role is all about gaining new experiences and trying your hand at different tasks from different departments. I am getting a better understanding of the area I would like to specialise in which allows me to feel more competent to handle my own matters as a Solicitor in the future.

What are you looking forward to in the future…

I look forward to qualifying into the Private Client department as a Solicitor and expanding my knowledge and experiences further.

In the world we live in today more people are comfortable with live chat technology.

At Aston Bond, we are investors in our people. That’s why we’ve created a live chat which is fast, efficient and convenient.

With live chat, we reply to you immediately within our working ours.

For any queries or uncertainty on how to use our bot please contact lbhatti@astonbond.co.uk