I wish to rent out my leasehold apartment in Woburn. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Woburn do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

Due to sign contracts shortly on a leasehold property in Woburn. Conveyancing solicitors assured me that they will have a report out to me on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Woburn should include some of the following:

• The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
• Does the lease require carpeting throughout thus preventing wood flooring?
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• 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
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
• What you can do if a neighbour breach a clause of their lease?

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Woburn. Conveyancing lawyers have not yet been appointed. Will they explain the issues?

Most houses in Woburn are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help 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. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer will report to you on the legal implications.

I am looking at a couple of maisonettes in Woburn which have about 50 years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Woburn is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers 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 premises 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. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.

Do you have any advice for leasehold conveyancing in Woburn with the purpose of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Woburn can be avoided if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
• Many freeholders or managing agents in Woburn charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Woburn.
• A minority of Woburn leases require Licence to Assign from the landlord. If this is the case, it would be prudent to 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 able to meet 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 the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Arranging a new share certificate is often a time consuming formality and slows down many a Woburn home move. If a reissued share certificate is required, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.
• You may think that you are aware of the number of years left on your lease but it would be wise to verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. It is therefore important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

Woburn Leasehold Conveyancing - A selection of Queries before Purchasing

How many years remain on the lease? Is anyone aware of any major works on the horizon that will likely add a premium to the service charges?