Top Five Questions relating to Woburn leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Woburn. Before diving in I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all 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’m about to sell my 2 bed apartment in Woburn.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge invoice – Do I pay up?
It best that you pay the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Woburn. Conveyancing lawyers have are about to be appointed. Will they explain the issues?
The majority of houses in Woburn are freehold and not leasehold. This is one of the situations where having a local conveyancer 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 be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your solicitor should appraise you on the various issues.
I am tempted by the attractive purchase price for a couple of flats in Woburn which have in the region of 50 years remaining on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Woburn is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most buyers and lenders, leases with under eighty years become less and less marketable. On a more upbeat 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
What are your top tips when it comes to appointing a Woburn conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Woburn conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggested that you talk with two or three firms including non Woburn conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- If the firm is not ALEP accredited then why not?
Leasehold Conveyancing in Woburn - A selection of Queries Prior to Purchasing
The majority of Woburn leasehold apartments will incur a service bill for maintenance of the building invoiced by the management company. Should you acquire the apartment you will have to meet this liability, usually quarterly during the year. This can vary from several hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge for you to pay annual, normally this is not a large sum, say approximately £25-£75 but you should to enquire it because sometimes it can be many hundreds of pounds.
Best to be warned whether redecorating or some other significant cost is coming up that will be shared by the leaseholders and will dramatically impact the level of the maintenance costs or result in a one off payment.
How is the lease structured?