Having had my offer accepted I require leasehold conveyancing in Wycombe Marsh. Before I get started I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Wycombe Marsh - 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 only have 62 years left on my lease in Wycombe Marsh. I am keen to extend my lease but my landlord is can not be found. What should I do?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to find the freeholder. In some cases a specialist may be helpful to carry out a search and to produce a report to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court covering Wycombe Marsh.

I have just started marketing my ground floor flat in Wycombe Marsh.Conveyancing is yet to be initiated but I have just received a half-yearly maintenance charge invoice – what should I do?

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.

I am tempted by the attractive purchase price for a two maisonettes in Wycombe Marsh both have in the region of forty five years left on the lease term. Will this present a problem?

A lease is a right to use the property for a prescribed time frame. As the lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena

Last month I purchased a leasehold property in Wycombe Marsh. Am I liable to pay service charges for periods before completion of my purchase?

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. 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).

Wycombe Marsh Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing

If a Wycombe Marsh lease has fewer than 80 years it will affect the marketability of the apartment. It is worth checking with your lender that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will probably require a lease extension at some point and it is worth discovering what this would cost. Remember, in most cases you will need to own the property for a couple of years before you are legally able to extend the lease. How much is the annual service fee and ground rent? Does the lease have in excess of 80 years left?

Other Topics

Lease Extensions in Wycombe Marsh