I am on look out for some leasehold conveyancing in Fenny Stratford. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Fenny Stratford - 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 am hoping to complete next month on a leasehold property in Fenny Stratford. Conveyancing solicitors assured me that they are sending me a report on Monday. What should I be looking out for?

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

• The physical extent of the property. This will be the flat itself but could also incorporate a roof space or basement if applicable.

Estate agents have just been given the go-ahead to market my 2 bed apartment in Fenny Stratford.Conveyancing has not commenced but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

It best that you 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 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. This will smooth the conveyancing process.

I've recently bought a leasehold flat in Fenny Stratford. Do I have any liability for service charges relating to a period prior to my ownership?

In a situation 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).

I work for a long established estate agent office in Fenny Stratford where we have experienced a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Fenny Stratford conveyancing solicitors. Can you shed some light as to whether the vendor 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with 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.

I invested in buying a 1st floor flat in Fenny Stratford, conveyancing having been completed 1995. Can you work out an approximate cost of a lease extension? Comparable properties in Fenny Stratford with a long lease are worth £195,000. The ground rent is £45 levied per year. The lease runs out on 21st October 2086

With 61 years unexpired we estimate the premium for your lease extension to be between £20,000 and £23,000 plus costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

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Lease Extensions in Fenny Stratford