Fixed-fee leasehold conveyancing in Princes Risborough:

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Top Five Questions relating to Princes Risborough leasehold conveyancing

Due to sign contracts shortly on a leasehold property in Princes Risborough. Conveyancing solicitors inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

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

  • The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
  • Will you be prohibited or prevented from having pets in the property?
  • Does the lease prevent you from renting out the flat, or working from home
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Repair and maintenance of the flat
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For a comprehensive list of information to be included in your report on your leasehold property in Princes Risborough please enquire of your solicitor in advance of your conveyancing in Princes Risborough

  • I have just appointed agents to market my garden flat in Princes Risborough.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – Do I pay up?

    Your conveyancing lawyer is likely to suggest that you should clear 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 managing agents will not acknowledge the buyer until 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've recently bought a leasehold house in Princes Risborough. Do I have any liability for service charges for periods before my ownership?

    Where the service charge has already been demanded from the previous lessee 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. It is an essential part 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).

    What advice can you give us when it comes to choosing a Princes Risborough conveyancing practice to deal with our lease extension?

    If you are instructing a property lawyer for your lease extension (regardless if they are a Princes Risborough conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Princes Risborough conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

    • How familiar is the firm with lease extension legislation?
  • What volume of lease extensions has the firm completed in Princes Risborough in the last year?

  • Completion in due on the sale of our £475000 maisonette in Princes Risborough next week. The landlords agents has quoted £348 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Princes Risborough?

    Princes Risborough conveyancing on leasehold flats usually necessitates the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be content to assist. They may levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it exceeds £800. The administration charge demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, otherwise the charge is technically not due. Reality however dictates that one has little option but to pay whatever is demanded should you wish to sell the property.

    I inherited a ground floor flat in Princes Risborough, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Princes Risborough with an extended lease are worth £259,000. The ground rent is £60 per annum. The lease expires on 21st October 2087

    With just 65 years unexpired we estimate the price of your lease extension to range between £14,300 and £16,400 plus legals.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

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    Lease Extensions in Princes Risborough