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Choosing the right solicitor is the most important decision when it comes to your Buckingham conveyancing

Buckingham Conveyancing Statistics*

  • 1 Average time from start to completion was 42 days for conveyancing in Buckingham
  • 2 Average Land Registry Fee for this year to date was £270
  • 3 Average time frame of 48 days for registration of title in Buckingham
  • 4 100% freehold and 0% leasehold conveyancing in Buckingham for this year to date
  • 5 Average Stamp Duty Payable for this year to date was £8,724

Examples of recent conveyancing in Buckingham since June 2020*

Recently asked questions about conveyancing in Buckingham

Our Buckingham conveyancer has spotted a difference when comparing the information in the home valuation survey and what is revealed within the conveyancing documents. My lawyer informs me that he is obliged to ensure that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s stance appropriate?

Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.

About to place an offer on a leasehold flat in Buckingham. The estate agents advise that it is usual for flats in Buckingham to have less than 75 years left on the lease. I am expecting a mortgage with The Mortgage Works. Will the property be mortgageable given that the lease has Seventy One years unexpired.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 27/9/2020 the requirements read as follows :

Minimum unexpired lease term is 70 years with 30 years remaining at the end of the mortgage term.
Where the unexpired lease term is different to that recorded on the mortgage offer, the following clarifies if we need to be informed:

Second hand property:
- If the unexpired lease term on the offer is 85 years or more - only advise us if the actual lease term is less than 85 years
- if the unexpired lease term on the offer is less than 85 years – advise us if the actual lease term is different than reported
- For equity share applications - advise us if the actual lease term is different than reported on the offer

New build property:
- If the unexpired lease term stated on the offer is 125 years (flat) / 250 years (house) or more - only advise us if the actual lease term is less than 125 years (flat) / 250 years (house)
- For equity share applications - always advise us if the actual lease term is different than reported on the offer

Lease terms such as ground rent and event fees must be reasonable at all times during the term of the lease and adhere to our requirements below. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us in plain English for Valuer consideration. If the potentially onerous terms are in relation to the ground rent please include the current ground rent figure per annum, how often it will be reviewed and the price structure it will be reviewed against. See the guidance below.

SECOND HAND PROPERTIES

Unacceptable - advise Originations (Will be declined):
- Unexpired lease term less than 70 years
- Less than 30 years remaining at the end of the mortgage term
- Ground Rent greater than 0.5% of the property value
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
- Ground Rent review period less than or equal to 5 years

Refer to Originations (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 70 to 85 years
- Ground Rent greater than 0.1% and less than or equal to 0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is greater than 5 and less than 10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary

Acceptable (no requirement to advise Originations):
- Unexpired lease term greater than 85 years
- Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than or equal to 10 years
- Ground Rent escalation less than or equal to RPI

NEW BUILD PROPERTIES (includes office conversions)

Unacceptable - advise Originations (Will be declined):
- Unexpired lease term less than 125 years on a new build flat or less than 250 years on a new build house
- Starting Ground Rent greater than 0.1% of the property value
- Ground Rent review period less than or equal to 5 years
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI

Refer to Originations (Valuer will consider any impact on valuation figure and marketability):
- Ground Rent is linked to any indices greater than RPI
- Ground Rent is linked to the value of the building*
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary

Acceptable (no requirement to advise Originations):
- Unexpired lease term greater than or equal to 125 years on a new build flat or greater than or equal to 250 years on a new build house
- Starting Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than 5 years
- Ground Rent escalation less than or equal to RPI

* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years

This question may be naive but I am unseasoned as FTB of a garden flat in Buckingham. Do I receive the keys to the house on the completion date from my solicitor? If this is the case, I will use a local conveyancing solicitor in Buckingham?

There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the vendor’s lawyers, and once they have received this, you should be invited to collect the keys from the property Agents and move into your new home. This tends to happen between 1 and 3pm.

A relative pointed out to me me that in purchasing a property in Buckingham there may be various restrictions limiting what one can do in terms of external alterations to the property. Is this right?

We are aware of a number of properties in Buckingham which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Buckingham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

We are getting a further advance on our mortgage from Lloyds as we wish to carry out a loft conversion to our property in Buckingham. Are we obliged to select a nearby Buckingham solicitor on the Lloyds conveyancing panel to deal with the paperwork?

Lloyds would not normally instruct a member of their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Lloyds list.

I am buying a new build apartment in Buckingham. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.

Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Buckingham

    Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?

Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Buckingham is the location of the property. Can you offer any advice?

Flying freeholds in Buckingham are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Buckingham you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Buckingham may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

I am purchasing a garden flat in Buckingham. Conveyancing solicitor has been waiting for, from the owner, building insurance paperwork. Earlier today I was advised that the vendor must send the insurance paperwork for the flat above as well. Why does my conveyancer need to check the insurance for the other flat? Is it strictly required? We have been waiting for the last month…

It is not impossible in leasehold conveyancing in Buckingham to find Conveyancing in Buckingham in a minority of cases reveals that the lease provides for the tenant's to insure their individual flats rather than the freeholder insuring the whole block - which is clearly better. Do double check with your property lawyer but it would seem that your property lawyer is seeking to verify that the entire building is insured. Insuring your residence is no help when it comes to rebuilding after a fire if the other flat cannot be reconstructed as a result of lack of insurance.

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Residential Landlord and Tenant Conveyancing solicitors in Buckingham

The list below is a small selection of solicitors in Buckingham specialising in landlord and tenant law and on the regulations governing different types of tenancies. This should include advice on Leasehold Valuation Tribunal proceedings

  • Archdeacon Russell & Co, Hampden House, 24a West Street, Buckingham, Buckinghamshire, MK18 1HE
  • Chandler Ray Limited, 22 West Street, Buckingham, Buckinghamshire, MK18 1HG

Commercial Conveyancing solicitors in Buckingham regulated by the SRA

The firms listed below are a non-comprehensive list of solicitors in Buckingham practicing in commercial conveyancing in Buckingham. This may include advice on commercial leases including all matters relating to landlord and tenant law
  • Chandler Ray Limited, 22 West Street, Buckingham, Buckinghamshire, MK18 1HG
  • A.s.k. Legal Llp, 78 High Street, Winslow, Buckingham, Buckinghamshire, MK18 3DQ

Residential in Buckingham is a complex business, both legally and administratively. The exact order of events varies slightly, below are some of the tasks in the process.

  • Property lawyer instructed by the owners on acceptance of the offer
  • Collating the documents evidencing the title to the property
  • Preparing contract and associated documents
  • Forwarding draft papers to the solicitor acting for the buyer
  • Finalising the wording for contracts and answering additional queries from the buyer’s solicitor
  • Finalising the transfer document
  • Replying to requisitions prepared by the purchaser’s solicitor
  • Proceeding to exchange of contracts and then preparing for completion
  • Accepting the sale proceeds and sending funds to the owner, the estate agent and repaying the home loan (if relevant)

*Source acknowledgement: House price data produced by Land Registry as well data supplied by Lexsure Ltd.

© Crown copyright material is reproduced with the permission of Land Registry under delegated authority from the Controller of HMSO.