I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Woodside. Conveyancing solicitors have not yet been appointed. Will they explain the issues?

The majority of houses in Woodside are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Woodside in which case you should be looking for a Woodside conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.

I am tempted by the attractive purchase price for a two flats in Woodside which have about fifty years left on the lease term. Will this present a problem?

There are plenty of short leases in Woodside. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a solicitor and surveyor with experience in this area

I've recently bought a leasehold property in Woodside. Am I liable to pay service charges for periods before my ownership?

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. Strange as it may seem, 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 be sure 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).

What are your top tips when it comes to choosing a Woodside conveyancing practice to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Woodside conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Woodside conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• How experienced is the firm with lease extension legislation?
• What are the charges for lease extension work?

Can you provide any top tips for leasehold conveyancing in Woodside from the point of view of expediting the sale process?

• Much of the delay in leasehold conveyancing in Woodside can be avoided where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers conveyancers.
• Many freeholders or managing agents in Woodside charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Woodside.
• Some Woodside leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to 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 financially capable of paying 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 purchasers or their lawyers.
• If there is a history of conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or resolve 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 will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled.
• You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is under 75 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

I have given up trying to purchase the freehold in Woodside. Can this matter be resolved via the Leasehold Valuation Tribunal?

Where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the amount due.

An example of a Lease Extension case for a Woodside property is Ground Floor Flat 14 Lodge Road in October 2013. the tribunal held that the price payable for the acquisition of the extended lease of the property should be £12,590 .00 This case related to 1 flat. The the number of years remaining on the existing lease(s) was 69.46 years.

Woodside Leasehold Conveyancing - Examples of Queries Prior to buying

Who manages the building? Best to be warned if redecorating or some other significant cost is due shortly that will be shared amongst the leasehold owners and may well materially increase the the service costs or result in a one time payment. If a Woodside lease has no more than 80 years it will impact the marketability of the property. It is worth checking with your bank that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you will need to own the property for a couple of years in order to be legally able to extend the lease.