Sample 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 number of years remaining on the lease.
If 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.
Back In 2003, I bought a leasehold house in Woburn. Conveyancing and National Westminster Bank mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Woburn who previously acted has now retired.What should I do?
First contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the new freeholder. There is no need to incur the fees of a Woburn conveyancing practitioner to do this as it can be done on-line for £3. You should note 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've recently bought a leasehold flat in Woburn. Do I have any liability for service charges relating to a period prior to completion of my purchase?
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. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
I work for a long established estate agent office in Woburn where we have witnessed a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Woburn conveyancing solicitors. Can you clarify whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as 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 needs to be completed before, or at the same time as completion of the sale.
An alternative approach is 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 purchaser.
We expect to complete the disposal of our £300000 flat in Woburn next Wednesday . The landlords agents has quoted £360 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a flat conveyance in Woburn?
Woburn conveyancing on leasehold flats usually necessitates the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries most will be willing to do so. They are at liberty levy a reasonable administration fee for responding to enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is above £800. The management information fee levied by the landlord must be sent together with a summary of rights and obligations in relation to administration charges, otherwise the charge is technically not due. In reality one has no choice but to pay whatever is requested of you if you want to sell the property.
I am the registered owner of a split level flat in Woburn, conveyancing formalities finalised 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Woburn with a long lease are worth £202,000. The ground rent is £50 yearly. The lease expires on 21st October 2070
With only 50 years unexpired we estimate the premium for your lease extension to be between £35,200 and £40,600 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.