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Buckden leasehold conveyancing: Q and A’s

Due to exchange soon on a studio apartment in Buckden. Conveyancing lawyers have said that they will have a report out to me tomorrow. What should I be looking out for?

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

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The total extent of the property. This will be the apartment itself but might incorporate a loft or cellar if applicable.
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions)
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Buckden please ask your solicitor in advance of your conveyancing in Buckden

    • Estate agents have just been given the go-ahead to market my ground floor apartment in Buckden.Conveyancing is yet to be initiated but I have just had a quarterly service charge demand – what should I do?

    Your conveyancing lawyer is likely to suggest that you should discharge the invoice 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 management companies will not acknowledge the buyer until 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 am employed by a reputable estate agency in Buckden where we have experienced a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Buckden conveyancing firms. Could you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

    As long as 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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

    An alternative approach is 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 purchaser.

    Can you offer any advice when it comes to appointing a Buckden conveyancing firm to carry out our lease extension conveyancing?

    If you are instructing a conveyancer for lease extension works (regardless if they are a Buckden conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Buckden 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 useful:

    • How experienced is the firm with lease extension legislation?
  • If the firm is not ALEP accredited then what is the reason?

    • Can you provide any advice for leasehold conveyancing in Buckden with the aim of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Buckden can be bypassed if you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Buckden state that internal structural changes or installing wooden flooring require a licence from the Landlord consenting to such alterations. If you dont have the paperwork to hand do not contact the landlord without contacting your solicitor before hand.
  • A minority of Buckden leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you are supposed to have a share in the Management Company, you should ensure that you have the original share document. Arranging a re-issued share certificate can be a time consuming process and slows down many a Buckden conveyancing deal. If a new share certificate is required, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but you should verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I acquired a leasehold flat in Buckden, conveyancing having been completed 1999. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Buckden with a long lease are worth £251,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2077

    With just 54 years unexpired we estimate the price of your lease extension to range between £27,600 and £31,800 as well as professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Buckden