Woburn leasehold conveyancing: Q and A’s
I am in need of some leasehold conveyancing in Woburn. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% 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.
Looking forward to sign contracts shortly on a basement flat in Woburn. Conveyancing solicitors 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?
The report on title for your leasehold conveyancing in Woburn should include some of the following:
- Are pets allowed in the flat?
I today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have subsequently discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Woburn. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
The majority of houses in Woburn are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Woburn so you should seriously consider shopping around for a Woburn conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer will appraise you on the various issues.
I've recently bought a leasehold house 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 owner 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).
Do you have any advice for leasehold conveyancing in Woburn from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Woburn can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers lawyers.
- The majority freeholders or managing agents in Woburn levy fees 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 reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Woburn.
Woburn Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
Can you tell me if there are any major works in the near future that will likely add a premium to the maintenance charges?
Is the freehold reversion owned collectively by the tenants?
Please note if it is less than eighty years it will have adverse implications on the value of the flat. Check with your lender that they are willing to to proceed given the lease term. A short lease means that you will probably require a lease extension at some point and it is worth discovering how much this would cost. Remember, in most cases you would need to own the premises for two years before you are legally able to extend the lease.