I am on look out for some leasehold conveyancing in Marlow. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

If the lease is registered - and 99.9% are in Marlow - then the leasehold title will always include the basic details 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've found a house that appears to be perfect, at a great price which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Marlow. Conveyancing solicitors have are about to be instructed. Will they explain the issues?

Most houses in Marlow are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Marlow so you should seriously consider shopping around for a Marlow conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should report to you on the legal implications.

I am looking at a couple of flats in Marlow both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Marlow. The lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field

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

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element 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).

In relation to leasehold conveyancing in Marlow what are the most frequent lease problems?

Leasehold conveyancing in Marlow is not unique. Most leases is drafted differently and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the building
• 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

You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Norwich and Peterborough Building Society, and Alliance & Leicester 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 provide security, forcing the purchaser to withdraw.

Marlow Leasehold Conveyancing - Sample of Questions you should ask before buying

On the whole the cost for major works tend not to be incorporated into the service charges, although some managing agents in Marlow obliged leaseholders to contribute towards a reserve fund and this is used to offset against major repairs or maintenance. The prefered form of lease arrangement is where the freehold title is owned by the leaseholders. In this situation the lessees have being in charge if their destiny and notwithstanding that a managing agent is usually retained where the building is larger than a house conversion, the managing agent is directed by the tenants.