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Chesham leasehold conveyancing: Q and A’s

I have just appointed agents to market my 2 bed apartment in Chesham.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge demand – what should I do?

The sensible thing to do is pay 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 managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.

I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Chesham. Conveyancing advisers have not yet been appointed. Will they explain the issues?

Most houses in Chesham are freehold and not 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 buying in Chesham in which case you should be shopping around for a Chesham conveyancing practitioner and check that they are used to advising on 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 with the house. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.

I've recently bought a leasehold flat in Chesham. Do I have any liability for service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner 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).

What are your top tips when it comes to appointing a Chesham conveyancing practice to carry out our lease extension conveyancing?

When appointing a conveyancer for your lease extension (regardless if they are a Chesham conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Chesham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • Can they put you in touch with client in Chesham who can give a testimonial?
  • What are the charges for lease extension conveyancing?

  • Can you provide any advice for leasehold conveyancing in Chesham from the perspective of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Chesham can be avoided where you appoint lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the buyers solicitors.
    • Many landlords or Management Companies in Chesham levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Chesham.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over rather than unresolved.
  • If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Arranging a duplicate share certificate is often a lengthy process and delays many a Chesham conveyancing transaction. Where a new share certificate is required, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.
  • You believe that you know the number of years left on your lease but you should double-check via your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. It is therefore 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 property on the market for sale.

  • I invested in buying a 2 bed flat in Chesham, conveyancing was carried out 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Chesham with over 90 years remaining are worth £170,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2096

    You have 71 years unexpired we estimate the premium for your lease extension to span between £12,400 and £14,200 as well as legals.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Chesham