Common questions relating to Woodside leasehold conveyancing
I am in need of some leasehold conveyancing in Woodside. Before I get started I want to be sure as to the remaining lease term.
Assuming the lease is registered - and almost all are in Woodside - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Planning to sign contracts shortly on a leasehold property in Woodside. Conveyancing solicitors assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Woodside should include some of the following:
- How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
I have just appointed agents to market my ground floor flat in Woodside.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – Do I pay up?
The sensible thing to do is discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Woodside. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Woodside ?
The majority of houses in Woodside are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Woodside so you should seriously consider shopping around for a Woodside conveyancing solicitor and be sure that they have experience in advising 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 to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should report to you on the legal implications.
I am employed by a busy estate agency in Woodside where we have witnessed a few flat sales derailed as a result of short leases. I have received contradictory information from local Woodside conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible 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 purchaser.
I have given up negotiating a lease extension in Woodside. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We can put you in touch with a Woodside conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Woodside premises 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 was in relation to 1 flat. The remaining number of years on the lease was 69.46 years.