Top Five Questions relating to Woburn Sands leasehold conveyancing
I am in need of some leasehold conveyancing in Woburn Sands. Before I get started I want to be sure as to the unexpired term of the lease.
If the lease is recorded at the land registry - and almost all are in Woburn Sands - then the leasehold title will always include the basic details 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.
Having checked my lease I have discovered that there are only 62 years remaining on my flat in Woburn Sands. I am keen to extend my lease but my freeholder is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to locate the lessor. In some cases a specialist would be helpful to carry out a search and to produce an expert document to be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Woburn Sands.
Looking forward to exchange soon on a leasehold property in Woburn Sands. Conveyancing solicitors have said that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Woburn Sands should include some of the following:
- You should be sent a copy of the lease
Back In 2005, I bought a leasehold house in Woburn Sands. Conveyancing and The Royal Bank of Scotland mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Woburn Sands who acted for me is not around.What should I do?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Woburn Sands conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What advice can you give us when it comes to appointing a Woburn Sands conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for your lease extension (regardless if they are a Woburn Sands conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Woburn Sands conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- What volume of lease extensions has the firm conducted in Woburn Sands in the last twenty four months?
I purchased a ground floor flat in Woburn Sands, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Woburn Sands with over 90 years remaining are worth £192,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2082
With just 59 years remaining on your lease we estimate the price of your lease extension to span between £22,800 and £26,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.