Experts for Leasehold Conveyancing in Great Missenden

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Leasehold conveyancing in Great Missenden is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Great Missenden and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Frequently asked questions relating to Great Missenden leasehold conveyancing

Looking forward to complete next month on a leasehold property in Great Missenden. Conveyancing lawyers have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

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

  • You should receive a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Defining your legal entitlements in respect of common areas in the block.E.G., does the lease include a right of way over a path or hallways?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • What you can do if a neighbour is in violation of a provision in their lease? For details of the information to be included in your report on your leasehold property in Great Missenden please ask your solicitor in advance of your conveyancing in Great Missenden

    • I have just appointed agents to market my garden flat in Great Missenden.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – Do I pay up?

    Your conveyancing lawyer is likely to suggest that you should clear 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. This will smooth the conveyancing process.

    I am employed by a reputable estate agent office in Great Missenden where we have witnessed a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Great Missenden conveyancing solicitors. Please can you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?

    Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to 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 needs to be completed prior to, or simultaneously with completion of the disposal of the property.

    Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

    Do you have any advice for leasehold conveyancing in Great Missenden with the aim of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Great Missenden can be bypassed where you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers conveyancers.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Great Missenden state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord consenting to such changes. If you fail to have the approvals in place do not contact the landlord without checking with your solicitor in the first instance.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 buyers, but it is better to present the dispute as historic rather than ongoing.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share certificate. Arranging a re-issued share certificate is often a time consuming formality and frustrates many a Great Missenden conveyancing deal. If a new share is necessary, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the lease term is below 80 years. It is therefore essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Are there frequently found defects that you witness in leases for Great Missenden properties?

    There is nothing unique about leasehold conveyancing in Great Missenden. All leases are unique and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Coventry Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.

    I inherited a 2 bed flat in Great Missenden, conveyancing was carried out 1999. How much will my lease extension cost? Corresponding properties in Great Missenden with an extended lease are worth £199,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease expires on 21st October 2083

    With 59 years left to run we estimate the price of your lease extension to range between £21,900 and £25,200 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Great Missenden