I am in need of some leasehold conveyancing in Woburn. Before I get started I want to be sure as to the remaining lease term.

If the lease is recorded at the land registry - and 99.9% 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 today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Woburn. Conveyancing solicitors have not yet been 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 who is familiar with the area can assist with the conveyancing process. We note that you are buying in Woburn in which case you should be looking for a Woburn conveyancing practitioner and check that they are used to 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 at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.

My wife and I purchased a leasehold flat in Woburn. Conveyancing and Yorkshire Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Woburn who acted for me is not around.What should I do?

First make enquiries of HMLR to be sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Woburn conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a two apartments in Woburn both have in the region of fifty years remaining on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Woburn is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of buyers and lenders, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I am employed by a busy estate agent office in Woburn where we have witnessed a number of flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Woburn conveyancing firms. Please can you clarify whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

I am the registered owner of a leasehold flat in Woburn, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Woburn with an extended lease are worth £193,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2079

You have 53 years remaining on your lease we estimate the price of your lease extension to range between £34,200 and £39,600 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information 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.