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

Get a Quote

Whether you are buying or selling leasehold flat in Chesham, our panel of leasehold conveyancing experts will help you move with as little stress as possible. Find a Chesham conveyancing lawyer with our search tool

Examples of recent questions relating to leasehold conveyancing in Chesham

I am a negotiator for a busy estate agent office in Chesham where we see a few leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Chesham conveyancing firms. Please can you clarify whether the seller of a flat can start the lease extension process for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

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

If you are instructing a solicitor for lease extension works (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 work. We suggested that you speak with two or three firms including non Chesham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

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

    • Do you have any top tips for leasehold conveyancing in Chesham with the aim of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Chesham can be reduced where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
    • Many freeholders or managing agents in Chesham levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Chesham.
  • Some Chesham leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 solicitors.
  • If you hold a share in a the freehold, you should make sure that you have the original share document. Obtaining a duplicate share certificate can be a lengthy formality and frustrates many a Chesham home move. Where a new share is required, do contact the company officers or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but it would be advisable verify this via your lawyers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • If all goes to plan we aim to complete our sale of a £125000 maisonette in Chesham next week. The freeholder has quoted £384 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Chesham?

    Chesham conveyancing on leasehold flats normally necessitates the purchaser’s lawyer submitting enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries most will be willing to do so. They are entitled levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is demanded if you want to exchange contracts with the buyer.

    When it comes to leasehold conveyancing in Chesham what are the most frequent lease problems?

    Leasehold conveyancing in Chesham is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the property
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Norwich and Peterborough Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

    I bought a studio flat in Chesham, conveyancing formalities finalised in 2007. Can you work out an approximate cost of a lease extension? Equivalent properties in Chesham with an extended lease are worth £220,000. The ground rent is £55 yearly. The lease ceases on 21st October 2096

    You have 71 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as legals.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Chesham