Questions and Answers: Woodlands leasehold conveyancing
I am hoping to complete next month on a basement flat in Woodlands. Conveyancing solicitors assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Woodlands should include some of the following:
- An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
I today plan to offer on a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Woodlands. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Woodlands ?
Most houses in Woodlands are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Woodlands so you should seriously consider shopping around for a Woodlands conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will report to you on the legal implications.
I am attracted to a two flats in Woodlands both have in the region of fifty years left on the leases. should I be concerned?
There are plenty of short leases in Woodlands. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area
All being well we will complete the disposal of our £250000 apartment in Woodlands in 10 days. The landlords agents has quoted £384 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Woodlands?
Woodlands conveyancing on leasehold apartments usually necessitates fees being invoiced by landlords agents :
- Addressing pre-contract enquiries
- Where consent is required before sale in Woodlands
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Following months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Woodlands. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to calculate the amount due.
An example of a Lease Extension decision for a Woodlands property is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 60.45 years.
What makes a Woodlands lease defective?
Leasehold conveyancing in Woodlands is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Mortgage Works, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.