Having had my offer accepted I require leasehold conveyancing in Princes Risborough. Before I set the wheels in motion I would like to find out the remaining lease term.

If the lease is registered - and 99.9% are in Princes Risborough - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am attracted to a two flats in Princes Risborough which have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Princes Risborough. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area

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 owner 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).

I am employed by a long established estate agency in Princes Risborough where we have witnessed a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Princes Risborough conveyancing solicitors. Could you confirm whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.

If all goes to plan we aim to complete the disposal of our £400000 maisonette in Princes Risborough next week. The managing agents has quoted £312 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Princes Risborough?

Princes Risborough conveyancing on leasehold maisonettes often requires the buyer’s conveyancer submitting questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They are entitled invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in relation to administration charges, otherwise the invoice is not strictly payable. In reality you have little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.

I own a 1st floor flat in Princes Risborough, conveyancing formalities finalised 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Princes Risborough with a long lease are worth £179,000. The ground rent is £55 levied per year. The lease runs out on 21st October 2085

With just 60 years left to run we estimate the price of your lease extension to be between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" 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 in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.

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Lease Extensions in Princes Risborough