Sample questions relating to Woburn leasehold conveyancing
Looking forward to complete next month on a garden flat in Woburn. Conveyancing lawyers have said that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Woburn should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I am attracted to a two apartments in Woburn both have in the region of forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
Do you have any top tips for leasehold conveyancing in Woburn with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Woburn can be avoided if you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ solicitors.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Woburn leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord consenting to such alterations. If you fail to have the paperwork to hand do not contact the landlord without contacting your solicitor first.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £300000 maisonette in Woburn in just under a week. The management company has quoted £324 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Woburn?
Woburn conveyancing on leasehold maisonettes normally necessitates administration charges raised by managing agents :
- Answering pre-contract enquiries
- Where consent is required before sale in Woburn
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Woburn lease unmortgageable?
There is nothing unique about leasehold conveyancing in Woburn. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.
I inherited a leasehold flat in Woburn, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Similar properties in Woburn with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ceases on 21st October 2087
You have 62 years unexpired the likely cost is going to range between £19,000 and £22,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
Other Topics