Leasehold Conveyancing in Buckingham - Get a Quote from the leasehold experts approved by your lender

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Sample questions relating to Buckingham leasehold conveyancing

I am on look out for some leasehold conveyancing in Buckingham. Before diving in I require certainty as to the remaining lease term.

If the lease is recorded at the land registry - and most are in Buckingham - then the leasehold title will always include the basic details 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 seems to meet my requirements, at a great price which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Buckingham. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Buckingham ?

Most houses in Buckingham are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Buckingham in which case you should be looking for a Buckingham conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee 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 service charge towards the maintenance of the estate where the house is located on an estate. Your lawyer should appraise you on the various issues.

I am looking at a two flats in Buckingham which have about forty five years left on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Buckingham. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

I've recently bought a leasehold property in Buckingham. Am I liable to pay service charges for periods before my ownership?

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. However, 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).

If all goes to plan we aim to complete the disposal of our £250000 garden flat in Buckingham in 10 days. The freeholder has quoted £408 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Buckingham?

Buckingham conveyancing on leasehold apartments usually necessitates the buyer’s conveyancer submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They are at liberty levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it exceeds £800. The administration charge demanded by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you if you want to complete the sale of your home.

Leasehold Conveyancing in Buckingham - A selection of Queries Prior to buying

    This information is useful as a) areas can result in problems for the block as the communal areas may start to deteriorate where repairs are not paid for b) if the tenants have a dispute with the running of the building you will want to have complete disclosure How is the lease structured? Are any of leasehold owners in arrears of their service charge payments?

Other Topics

Lease Extensions in Buckingham