I am hoping to exchange soon on a ground floor flat in Princes Risborough. Conveyancing lawyers have said that they will have a report out to me next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Princes Risborough should include some of the following:

• Defining your legal entitlements in respect of the communal areas in the block.E.G., does the lease include a right of way over a path or hallways?

Does the lease require carpeting throughout thus preventing wood flooring?

You should have a good understanding of the insurance provisions

I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required

The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

Responsibility for repairing the window frames

What options are open to you if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be included in your report on your leasehold property in Princes Risborough please enquire of your lawyer in advance of your conveyancing in Princes Risborough

I am a negotiator for a reputable estate agency in Princes Risborough where we have experienced a number of leasehold sales derailed due to short leases. I have received inconsistent advice from local Princes Risborough conveyancing firms. Could you shed some light as to whether the vendor of a flat can instigate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. 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.

Alternatively, it may be possible 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.

What are your top tips when it comes to finding a Princes Risborough conveyancing firm to carry out our lease extension conveyancing?

When appointing a conveyancer for lease extension works (regardless if they are a Princes Risborough conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Princes Risborough conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• How experienced is the firm with lease extension legislation?

What volume of lease extensions have they conducted in Princes Risborough in the last 12 months?

Completion in due on our sale of a £375000 garden flat in Princes Risborough next week. The management company has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Princes Risborough?

Princes Risborough conveyancing on leasehold maisonettes usually necessitates administration charges raised by freeholders :

• Addressing conveyancing due diligence enquiries
• Where consent is required before sale in Princes Risborough
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Princes Risborough leasehold property is £350. For Princes Risborough conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

Are there frequently found deficiencies that you witness in leases for Princes Risborough properties?

Leasehold conveyancing in Princes Risborough is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements 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 will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Skipton Building Society, and Clydesdale all have express requirements 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, obliging the purchaser to pull out.

Princes Risborough Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing

What is the name of the managing agents? How many of the leaseholders are in arrears for their maintenance charge payments? In the main the cost for major works are not built into the service charges, although a few managing agents in Princes Risborough obliged tenants to contribute towards a sinking fund and this is used to offset against larger works.

Other Topics

Lease Extensions in Princes Risborough