Experts for Leasehold Conveyancing in High Wycombe

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Top Five Questions relating to High Wycombe leasehold conveyancing

I am in need of some leasehold conveyancing in High Wycombe. Before diving in I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and most are in High Wycombe - then the leasehold title will always include the short particulars 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 tempted by the attractive purchase price for a two maisonettes in High Wycombe which have approximately forty five years unexpired on the lease term. Do I need to be concerned?

There are plenty of short leases in High Wycombe. The lease is a right to use the premises for a period of time. As a lease gets shorter the saleability of the lease deteriorate and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field

Last month I purchased a leasehold property in High Wycombe. Do I have any liability for service charges for periods before completion of my purchase?

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 be sure 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 High Wycombe where we have witnessed a number of flat sales jeopardised as a result of short leases. I have received conflicting advice from local High Wycombe conveyancing firms. Could you confirm whether the owner of a flat can commence the lease extension formalities for the buyer?

As long as the seller has owned the lease 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. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

An alternative approach is 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 purchaser.

Do you have any top tips for leasehold conveyancing in High Wycombe with the purpose of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in High Wycombe can be bypassed if you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
  • Many landlords or Management Companies in High Wycombe charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in High Wycombe.
  • If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Most leases in High Wycombe state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord approving such alterations. If you dont have the consents in place do not contact the landlord without contacting your conveyancer in advance.
  • If you have had conflict with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. 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 clearly preferable to present the dispute as over as opposed to ongoing.
  • If you hold a share in a the Management Company, you should ensure that you have the original share document. Organising a duplicate share certificate is often a lengthy process and frustrates many a High Wycombe home move. Where a reissued share is required, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.

    • Leasehold Conveyancing in High Wycombe - A selection of Questions you should ask before Purchasing

      It is important to be aware if redecorating or some other significant cost is due shortly to be shared amongst the leasehold owners and could well dramatically impact the level of the service costs or necessitate a specific invoice. What is the length of the lease? Does the lease have onerous restrictions?

    Other Topics

    Lease Extensions in High Wycombe