Expecting to complete next month on a studio apartment in Princes Risborough. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?

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

• Defining your legal entitlements in relation to the communal areas in the block.For example, does the lease provide for a right of way over an accessway or hallways?

I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Princes Risborough. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications 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 conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Princes Risborough so you should seriously consider shopping around for a Princes Risborough conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your solicitor will report to you on the legal implications.

My wife and I purchased a leasehold flat in Princes Risborough. Conveyancing and Barnsley Building Society mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Princes Risborough who previously acted has now retired.Any advice?

The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Princes Risborough conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am a negotiator for a reputable estate agent office in Princes Risborough where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Princes Risborough conveyancing firms. Please can you confirm whether the vendor of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has been the owner 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 proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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 the frequently found deficiencies that you come across in leases for Princes Risborough properties?

There is nothing unique about leasehold conveyancing in Princes Risborough. All leases are individual and legal mistakes in the legal wording can result in certain provisions are missing. 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 property
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Mortgage Works, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

Princes Risborough Leasehold Conveyancing - A selection of Queries Prior to Purchasing

If a Princes Risborough lease has no more than eighty years it will impact the value of the flat. Check with your bank that they are happy with remaining years on the lease. A short lease means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you will need to own the residence for a couple of years in order to be legally able to carry out a lease extension. How long is the Lease? How much is the ground rent and service charge?

Other Topics

Lease Extensions in Princes Risborough