Having checked my lease I have discovered that there are only Fifty years left on my lease in Princes Risborough. I now wish to get lease extension but my freeholder is missing. What options are available to me?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to find the landlord. On the whole a specialist would be helpful to carry out a search and prepare a report which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court overseeing Princes Risborough.

I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Princes Risborough. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Princes Risborough ?

The majority of houses in Princes Risborough are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Princes Risborough in which case you should be shopping around for a Princes Risborough conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should appraise you on the various issues.

I am attracted to a couple of apartments in Princes Risborough both have in the region of forty five years left on the leases. should I be concerned?

A lease is a right to use the property for a period of time. As a lease shortens the marketability of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this area

Can you provide any top tips for leasehold conveyancing in Princes Risborough with the purpose of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Princes Risborough can be reduced where you appoint lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ solicitors.
• The majority landlords or managing agents in Princes Risborough levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Princes Risborough.
• If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you installed wooden flooring? Princes Risborough leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord approving such alterations. Where you dont have the consents in place you should not contact the landlord without checking with your conveyancer in advance.
• Some Princes Risborough leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly 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 buyers or their lawyers.
• You believe that you know the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is below 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

When it comes to leasehold conveyancing in Princes Risborough what are the most common lease defects?

Leasehold conveyancing in Princes Risborough is not unique. Most leases are individual and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the premises
• Insurance obligations
• 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 issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Royal Bank of Scotland, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.

I inherited a studio flat in Princes Risborough, conveyancing formalities finalised 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Princes Risborough with a long lease are worth £181,000. The average or mid-range amount of ground rent is £65 yearly. The lease runs out on 21st October 2087

With 61 years left to run we estimate the premium for your lease extension to be between £18,100 and £20,800 plus professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.