I am in need of some leasehold conveyancing in Buckden. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

If the lease is recorded at the land registry - and most are in Buckden - 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 am hoping to put an offer on a small detached house that appears to be perfect, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Buckden. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Buckden ?

The majority of houses in Buckden are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Buckden so you should seriously consider shopping around for a Buckden conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer should advise you fully on all the issues.

I am looking at a couple of flats in Buckden both have in the region of fifty years unexpired on the lease term. Will this present a problem?

A lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

What are your top tips when it comes to finding a Buckden conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Buckden conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Buckden conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• How experienced is the firm with lease extension legislation?
• How many lease extensions has the firm carried out in Buckden in the last year?

Do you have any advice for leasehold conveyancing in Buckden with the intention of expediting the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Buckden can be bypassed where you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
• If you have carried out any alterations to the property would they have required Landlord’s consent? In particular have you laid down wooden flooring? Buckden leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord acquiescing to such works. If you fail to have the consents to hand do not communicate with the landlord without contacting your solicitor before hand.
• Some Buckden leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual 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 make sure that you hold the original share certificate. Arranging a new share certificate is often a time consuming formality and frustrates many a Buckden conveyancing transaction. Where a duplicate share is necessary, do contact the company officers or managing agents (if relevant) for this as soon as possible.
• You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

I acquired a 1 bedroom flat in Buckden, conveyancing having been completed 2009. Can you work out an approximate cost of a lease extension? Corresponding flats in Buckden with over 90 years remaining are worth £183,000. The ground rent is £55 yearly. The lease finishes on 21st October 2105

With just 79 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 plus professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.