Guaranteed fixed fees for Leasehold Conveyancing in Princes Risborough

When it comes to leasehold conveyancing in Princes Risborough, you will need to chose a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Santander, Birmingham Midshires or NatWest be sure to choose a lawyer on their approved list. Find a Princes Risborough conveyancing lawyer with our search tool

Questions and Answers: Princes Risborough leasehold conveyancing

Expecting to complete next month on a studio apartment in Princes Risborough. Conveyancing lawyers have said that they will have a report out to me on Monday. 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:

  • How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • The physical extent of the property. This will be the property itself but may incorporate a loft or cellar if appropriate.
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Does the lease prevent you from renting out the flat, or having a home office for business
  • 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
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? For details of the information to be contained in your report on your leasehold property in Princes Risborough please enquire of your lawyer in ahead of your conveyancing in Princes Risborough

  • I have just started marketing my 2 bed apartment in Princes Risborough.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – Do I pay up?

    The sensible thing to do is clear the invoice 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 management companies 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. This will smooth the conveyancing process.

    Last month I purchased a leasehold flat in Princes Risborough. Do I have any liability for service charges for periods before completion of my purchase?

    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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).

    If all goes to plan we aim to complete the sale of our £175000 apartment in Princes Risborough next Monday . The freeholder has quoted £324 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Princes Risborough?

    Princes Risborough conveyancing on leasehold flats more often than not involves the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries most will be content to assist. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge levied by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, otherwise the invoice is not strictly payable. In reality you have no option but to pay whatever is demanded if you want to sell the property.

    What are the frequently found problems that you see in leases for Princes Risborough properties?

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

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Leeds Building Society, and Aldermore 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 problematic they may refuse to provide security, obliging the purchaser to withdraw.

    I acquired a 1 bedroom flat in Princes Risborough, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Princes Risborough with a long lease are worth £211,000. The ground rent is £60 charged once a year. The lease finishes on 21st October 2080

    With 56 years left to run we estimate the premium for your lease extension to range between £24,700 and £28,600 as well as professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously 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.

    Other Topics

    Lease Extensions in Princes Risborough