I require conveyancing for a flat in a fairly new development (five years old) in Wycombe Marsh. 95% of the appartments are already disposed of. Do I need carry out the neighbourhood searches as part of conveyancing in Wycombe Marsh?

You are taking a significant risk in not carrying out Wycombe Marsh conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal requirement to have them, but we would absolutely advise in no uncertain terms that your solicitor conducts them. Where speed and cost are top of your issues you should consider with your solicitor about the options such as indemnity insurance available to you

Can you clarify what the consequences are if my solicitor is removed from the Leeds Building Society Conveyancing panel ahead of completing my conveyancing in Wycombe Marsh?

The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.

Will my conveyancer be making enquiries regarding flooding during the conveyancing in Wycombe Marsh.

Flooding is a growing risk for solicitors conducting conveyancing in Wycombe Marsh. There are those who buy a house in Wycombe Marsh, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.

Solicitors are not qualified to give advice on flood risk, but there are a number of checks that can be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Wycombe Marsh. The conventional set of information given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the vendor to determine whether the premises has suffered from flooding. In the event that the property has been flooded in past which is not revealed by the seller, then a buyer may bring a legal claim for losses resulting from an incorrect reply. A purchaser’s solicitors may also conduct an environmental search. This will reveal if there is a recorded flood risk. If so, further investigations will need to be initiated.

three months have elapsed since my purchase conveyancing in Wycombe Marsh completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

I am employed by a long established estate agency in Wycombe Marsh where we have witnessed a number of flat sales derailed due to short leases. I have received contradictory information from local Wycombe Marsh conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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.

I own a basement flat in Wycombe Marsh, conveyancing having been completed December 2006. Can you work out an approximate cost of a lease extension? Corresponding flats in Wycombe Marsh with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2105

With only 80 years unexpired we estimate the price of your lease extension to span between £7,600 and £8,800 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.