I am in need of some leasehold conveyancing in Princes Risborough. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Princes Risborough - then the leasehold title will always include the short particulars 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.

Due to sign contracts shortly on a leasehold property in Princes Risborough. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. 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 expires, and aware of the importance of not letting the lease term falling below eighty years

I am looking at a couple of maisonettes in Princes Risborough which have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Princes Risborough is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Princes Risborough conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I've recently bought a leasehold property in Princes Risborough. 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. 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 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).

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £150000 apartment in Princes Risborough next week. The management company has quoted £324 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Princes Risborough?

Princes Risborough conveyancing on leasehold apartments often involves the purchaser’s conveyancer sending questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be content to do so. They are at liberty charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee required by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, without which the charge is technically not due. In reality you have little choice but to pay whatever is requested of you if you want to exchange contracts with the buyer.

Princes Risborough Leasehold Conveyancing - Examples of Questions you should ask before Purchasing

The best form of lease arrangement is a share of the freehold. In this arrangement the tenants benefit from being in charge if their destiny and even though a managing agent is usually employed if the building is larger than a house conversion, the managing agent employed by the leaseholders. Are any of leasehold owners in arrears of their service charge liability? Best to be warned whether a new roof is being installed or some other significant cost is coming up that will be shared between the leasehold owners and will dramatically increase the the service charges or necessitate a one time invoice.

Other Topics

Lease Extensions in Princes Risborough