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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Chesham, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Chesham leasehold conveyancing

Planning to exchange soon on a garden flat in Chesham. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

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

  • You should receive a copy of the lease
  • How long the lease is You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
  • Setting out your rights in respect of the communal areas in the block.For instance, does the lease provide for a right of way over an accessway or staircase?
  • Are pets allowed in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • You should have a good understanding of the insurance provisions
  • Changes to the flat (alterations and additions) For a comprehensive list of information to be included in your report on your leasehold property in Chesham please ask your lawyer in advance of your conveyancing in Chesham

    • I’m about to sell my 2 bed flat in Chesham.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge demand – should I leave it to the buyer to sort out?

    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 hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Chesham. Conveyancing advisers have not yet been appointed. Will they explain the issues?

    The majority of houses in Chesham are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Chesham so you should seriously consider shopping around for a Chesham conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will report to you on the legal implications.

    I am looking at a two maisonettes in Chesham which have about forty five years unexpired on the lease term. Will this present a problem?

    A lease is a right to use the premises for a period of time. As the lease gets shorter the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this field

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

    When appointing a solicitor for lease extension works (regardless if they are a Chesham conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Chesham conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

    • How experienced is the firm with lease extension legislation?
  • If they are not ALEP accredited then why not?

    • I invested in buying a 1 bedroom flat in Chesham, conveyancing having been completed in 1995. 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 an extended lease are worth £200,000. The average or mid-range amount of ground rent is £55 levied per year. The lease comes to an end on 21st October 2085

    With 62 years unexpired we estimate the premium for your lease extension to be between £20,000 and £23,000 as well as costs.

    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 without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Chesham