Questions and Answers: Woburn leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Woburn. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is registered - and most are in Woburn - then the leasehold title will always include the short particulars 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 would like to rent out my leasehold apartment in Woburn. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
The lease dictates the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Woburn do not prevent subletting altogether – such a provision would adversely affect the market value the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
Having checked my lease I have discovered that there are only Sixty One years remaining on my lease in Woburn. I now want to extend my lease but my freeholder is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to track down the landlord. In some cases an enquiry agent may be useful to try and locate and prepare a report which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Woburn.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Woburn. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Woburn ?
The majority of houses in Woburn are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Woburn in which case you should be shopping around for a Woburn conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should advise you fully on all the issues.
Last month I purchased a leasehold flat in Woburn. Do I have any liability for service charges relating to a period prior to my ownership?
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. 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).
I purchased a garden flat in Woburn, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Woburn with an extended lease are worth £180,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2097
You have 75 years remaining on your lease we estimate the premium for your lease extension to range between £10,500 and £12,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
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