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Woburn Sands leasehold conveyancing: Q and A’s

I am in need of some leasehold conveyancing in Woburn Sands. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

If the lease is recorded at the land registry - and most 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.

Due to sign contracts shortly on a studio apartment in Woburn Sands. Conveyancing solicitors have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?

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

  • The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
  • Does the lease prohibit wood flooring?
  • Will you be prohibited or prevented from having pets in the property?
  • 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
  • You should have a good understanding of the insurance provisions
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Woburn Sands please ask your solicitor in advance of your conveyancing in Woburn Sands

    • I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Woburn Sands. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

    Most houses in Woburn Sands are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Woburn Sands in which case you should be looking for a Woburn Sands conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should report to you on the legal implications.

    Do you have any top tips for leasehold conveyancing in Woburn Sands from the point of view of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Woburn Sands can be avoided where you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ lawyers.
    • The majority landlords or Management Companies in Woburn Sands charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Woburn Sands.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Woburn Sands leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord approving such works. Where you fail to have the paperwork in place do not communicate with the landlord without contacting your conveyancer in the first instance.
  • Some Woburn Sands leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly 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 purchasers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to ongoing.

    • Are there frequently found problems that you witness in leases for Woburn Sands properties?

    Leasehold conveyancing in Woburn Sands is not unique. Most leases is drafted differently and drafting errors can result in certain clauses are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the property
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , The Mortgage Works, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

    I own a 1st floor flat in Woburn Sands, conveyancing formalities finalised 2004. How much will my lease extension cost? Comparable properties in Woburn Sands with a long lease are worth £190,000. The ground rent is £50 levied per year. The lease ends on 21st October 2099

    You have 76 years remaining on your lease we estimate the premium for your lease extension to be between £12,400 and £14,200 plus professional fees.

    The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Woburn Sands