Fixed-fee leasehold conveyancing in High Wycombe:

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Top Five Questions relating to High Wycombe leasehold conveyancing

I want to rent out my leasehold flat in High Wycombe. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

The lease governs relations between the freeholder and you the leaseholder; specifically, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in High Wycombe do not prevent subletting altogether – such a clause would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I’m about to sell my ground floor apartment in High Wycombe.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge demand – Do I pay up?

The sensible thing to do is pay 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am employed by a long established estate agency in High Wycombe where we have experienced a number of leasehold sales derailed as a result of short leases. I have been given contradictory information from local High Wycombe conveyancing firms. Can you clarify whether the vendor of a flat can initiate 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 disposal of the property.

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 buyer.

All being well we will complete the disposal of our £125000 apartment in High Wycombe next week. The landlords agents has quoted £420 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in High Wycombe?

High Wycombe conveyancing on leasehold apartments normally involves the purchaser’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be willing to assist. They are at liberty invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some cases it is above £800. The management information fee invoiced by the landlord must be accompanied by a summary of rights and obligations in respect of administration charges, otherwise the charge is technically not due. In reality you have little option but to pay whatever is requested of you if you want to complete the sale of your home.

When it comes to leasehold conveyancing in High Wycombe what are the most common lease defects?

There is nothing unique about leasehold conveyancing in High Wycombe. Most leases are unique and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

  • Repairing obligations to or maintain parts of the premises
  • A duty to insure the building
  • A provision for the recovery of money spent for the benefit of another party.
  • Maintenance charge proportions which don’t add up to the correct percentage

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. Nationwide Building Society, The Mortgage Works, and Aldermore 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 defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.

I inherited a basement flat in High Wycombe, conveyancing formalities finalised in 1998. How much will my lease extension cost? Comparable properties in High Wycombe with over 90 years remaining are worth £185,000. The ground rent is £55 yearly. The lease ends on 21st October 2092

You have 70 years unexpired the likely cost is going to span between £12,400 and £14,200 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

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Lease Extensions in High Wycombe