I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Princes Risborough. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Princes Risborough ?

Most houses in Princes Risborough are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Princes Risborough so you should seriously consider looking for a Princes Risborough conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.

I own a leasehold flat in Princes Risborough. Conveyancing and Barclays Direct mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Princes Risborough who acted for me is not around.Any advice?

First contact HMLR to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Princes Risborough conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Last month I purchased a leasehold property in Princes Risborough. Do I have any liability for service charges relating to a period prior to my ownership?

In a situation 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. Strange as it may seem, 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).

Can you provide any advice for leasehold conveyancing in Princes Risborough from the perspective of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Princes Risborough can be bypassed where you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers solicitors.
• If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Princes Risborough leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such works. Where you dont have the paperwork in place do not communicate with the landlord without checking with your lawyer in the first instance.

Some Princes Risborough leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.

If you hold a share in a the Management Company, you should ensure that you have the original share document. Organising a duplicate share certificate is often a lengthy formality and frustrates many a Princes Risborough conveyancing deal. Where a duplicate share certificate is needed, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.

You may think that you are aware of the number of years remaining on your lease but you should verify this via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is less than 75 years. It is therefore essential at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

All being well we will complete our sale of a £175000 garden flat in Princes Risborough on Thursday in a week. The managing agents has quoted £408 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Princes Risborough?

For the majority of leasehold sales in Princes Risborough conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Answering pre-contract questions
• Where consent is required before sale in Princes Risborough
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer 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 obliged to supply answers.

I purchased a leasehold flat in Princes Risborough, conveyancing formalities finalised 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Princes Risborough with a long lease are worth £193,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease finishes on 21st October 2097

With just 72 years left to run the likely cost is going to be between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Princes Risborough