I've found a house that seems to be perfect, at a great price which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Haddenham. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Haddenham ?

The majority of houses in Haddenham are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Haddenham in which case you should be shopping around for a Haddenham 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 leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the property is part of an estate. Your lawyer will appraise you on the various issues.

Back In 2003, I bought a leasehold house in Haddenham. Conveyancing and Bank of Scotland mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Haddenham who acted for me is not around.Do I pay?

First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Haddenham conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a couple of flats in Haddenham both have about fifty years unexpired on the lease term. Do I need to be concerned?

There are plenty of short leases in Haddenham. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field

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

• Much of the frustration in leasehold conveyancing in Haddenham can be avoided if you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
• Many freeholders or Management Companies in Haddenham charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Haddenham.
• Some Haddenham leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
• If you hold a share in a the Management Company, you should make sure that you are holding the original share document. Obtaining a replacement share certificate is often a lengthy process and slows down many a Haddenham conveyancing transaction. If a duplicate share certificate is needed, do contact the company officers or managing agents (where applicable) for this as soon as possible.
• You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

What are the common problems that you see in leases for Haddenham properties?

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

• Repairing obligations to or maintain parts of the property
• A duty to insure the building
• 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. Birmingham Midshires, Virgin Money, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.

Leasehold Conveyancing in Haddenham - A selection of Questions you should consider before Purchasing

Where a Haddenham lease has less than 80 years it will have adverse implications on the value of the flat. It is worth checking with your bank that they are content with residual term of the lease. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth discovering how much this will be. Remember, in most cases you would be required to have owned the property for two years before you are entitled to exercise a lease extension. How much is the ground rent and service charge? Be sure to discover if there are any onerous restrictions in the lease. For example it is very common in Haddenham leases that pets are not allowed in in a block in Haddenham. If you like the propertyin Haddenham but your dog can’t make the move with you then you have a very hard choice.