Fixed-fee leasehold conveyancing in High Wycombe:

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Top Five Questions relating to High Wycombe leasehold conveyancing

Harry (my fiance) and I may need to rent out our High Wycombe garden flat for a while due to taking a sabbatical. We used a High Wycombe conveyancing practice in 2003 but they have since shut and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?

Your lease governs relations between the freeholder and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in High Wycombe do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the sublease.

I am tempted by the attractive purchase price for a two flats in High Wycombe both have in the region of 50 years unexpired on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease decreases and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area

What advice can you give us when it comes to finding a High Wycombe conveyancing firm to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a High Wycombe conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non High Wycombe conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

  • How experienced is the firm with lease extension legislation?
  • What are the charges for lease extension conveyancing?

    • Do you have any advice for leasehold conveyancing in High Wycombe with the intention of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in High Wycombe can be reduced if you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
    • Many landlords or managing agents in High Wycombe levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average 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 permission? Have you, for example laid down wooden flooring? Most leases in High Wycombe state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such changes. Should you dont have the approvals in place you should not contact the landlord without contacting your conveyancer in the first instance.
  • Some High Wycombe 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. Any 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is below 75 years. It is therefore important 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 property on the market for sale.

    • In relation to leasehold conveyancing in High Wycombe what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in High Wycombe. All leases are unique and drafting errors can sometimes mean that certain clauses are erroneous. 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 difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Skipton Building Society, and Clydesdale all have express conveyancing instructions 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 purchased a garden flat in High Wycombe, conveyancing formalities finalised 2002. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in High Wycombe with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2080

    With only 55 years remaining on your lease the likely cost is going to be between £31,400 and £36,200 plus costs.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in High Wycombe