I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Woodford Green. Conveyancing advisers have are about to be appointed. Will they explain the issues?

Most houses in Woodford Green are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Woodford Green so you should seriously consider shopping around for a Woodford Green conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.

I am tempted by the attractive purchase price for a two maisonettes in Woodford Green both have approximately fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

I've recently bought a leasehold property in Woodford Green. 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. A critical element 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).

Can you provide any advice for leasehold conveyancing in Woodford Green from the perspective of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Woodford Green can be avoided where you instruct lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ representatives.
• The majority freeholders or Management Companies in Woodford Green charge for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Woodford Green.
• Some Woodford Green leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
• If there is a history of conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than ongoing.
• You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

If all goes to plan we aim to complete the sale of our £ 450000 garden flat in Woodford Green on Thursday in a week. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Woodford Green?

Woodford Green conveyancing on leasehold maisonettes normally involves the buyer’s solicitor submitting enquiries for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be content to assist. They may invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. 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 administration charge required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration charges, otherwise the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded should you wish to complete the sale of your home.

My wife and I have hit a brick wall in seeking a lease extension in Woodford Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?

if there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to determine the price payable.

An example of a Freehold Enfranchisement decision for a Woodford Green property is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case affected 2 flats. The the unexpired term as at the valuation date was 69.26 years.

Woodford Green Conveyancing for Leasehold Flats - Sample of Queries before buying

Make sure you enquire if the the lease includes any unreasonable restrictions in the lease. By way of example it is reasonably common in Woodford Green leases that pets are not allowed in certain buildings in Woodford Green. If you love the propertyin Woodford Green yet your cat is not allowed to move with you then you will be presented with a difficult compromise. Does this lease have in excess of 90 years left?