Planning to sign contracts shortly on a studio apartment in Buckingham. Conveyancing solicitors assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Buckingham should include some of the following:

• You should receive a copy of the lease

I’m about to sell my ground floor flat in Buckingham.Conveyancing has not commenced but I have just received a half-yearly service charge invoice – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 unless 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. This will smooth the conveyancing process.

I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Buckingham. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Buckingham ?

The majority of 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 help the conveyancing process. It is clear that you are purchasing in Buckingham in which case you should be looking for a Buckingham conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer will appraise you on the various issues.

I own a leasehold flat in Buckingham. Conveyancing and TSB mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Buckingham who previously acted has long since retired.Do I pay?

The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Buckingham conveyancing solicitor to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a couple of apartments in Buckingham both have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Buckingham. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

Leasehold Conveyancing in Buckingham - Sample of Questions you should ask Prior to Purchasing

Is there a share of the freehold? The best form of lease structure is where the freehold title is in the ownership of the leaseholders. In this scenario the lessees benefit from being in charge if their destiny and although a managing agent is usually employed where it is larger than a house conversion, the managing agent is directed by the tenants. This information is helpful as a) areas can cause problems in the building as the communal areas may begin to deteriorate if repairs remain unpaid b) if the leaseholders have a dispute with the running of the building you will wish to know about it

Other Topics

Lease Extensions in Buckingham