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

You should have a good understanding of the insurance provisions

Repair and maintenance of the flat

Changes to the flat (alterations and additions)

I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required

Responsibility for repairing the window frames

What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Woburn please enquire of your solicitor in advance of your conveyancing in Woburn

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.

A minority of Woburn leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 buyers or their lawyers.

If you have had conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is unresolved. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unresolved.

If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Organising a duplicate share certificate can be a time consuming process and delays many a Woburn home move. If a duplicate share certificate is necessary, you should approach the company officers or managing agents (if relevant) for this sooner rather than later.

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

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Woburn leasehold property is £350. For Woburn conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply the information.

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

Lease Extensions in Woburn