Experts for Leasehold Conveyancing in Woburn

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Examples of recent questions relating to leasehold conveyancing in Woburn

I am on look out for some leasehold conveyancing in Woburn. Before diving in I want to be sure as to the remaining lease term.

If the lease is registered - and most are in Woburn - 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.

I am attracted to a two apartments in Woburn which have about fifty years unexpired on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Woburn is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Woburn conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Last month I purchased a leasehold flat in Woburn. Am I liable to pay service charges for periods before completion of my purchase?

In a situation 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. 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).

What are your top tips when it comes to finding a Woburn conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Woburn conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Woburn conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

  • How familiar is the firm with lease extension legislation?
  • Can they put you in touch with client in Woburn who can give a testimonial?

    • Can you provide any advice for leasehold conveyancing in Woburn with the intention of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Woburn can be reduced where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
    • The majority landlords or managing agents in Woburn charge for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information sought as soon as you have 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 Woburn.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Woburn leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord consenting to such changes. Should you fail to have the paperwork to hand do not communicate with the landlord without contacting your solicitor in advance.
  • A minority of Woburn leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share certificate. Organising a replacement share certificate can be a time consuming process and slows down many a Woburn home move. Where a duplicate share certificate is required, do contact the company officers or managing agents (where applicable) for this sooner rather than later.

    • Woburn Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing

      Are there any major works in the planning that will likely increase the service charges? The majority of Woburn leasehold properties will have a service charge for the upkeep of the block set on behalf of the management company. Should you buy the apartment you will have to meet this amount, normally periodically accross the year. This may vary from two or three hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a rentcharge to be met annual, this is usually not a exorbitant figure, say around £25-£75 but you need to enquire it because occasionally it can be many hundreds of pounds. Does the lease have more than 80 years unexpired?

    Other Topics

    Lease Extensions in Woburn