Top Five Questions relating to Woburn Sands leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Woburn Sands. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Woburn Sands - 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 am attracted to a couple of flats in Woburn Sands which have about fifty years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in Woburn Sands. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area
I've recently bought a leasehold property in Woburn Sands. Do I have any liability for service charges for periods before completion of my purchase?
In a situation 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. However, 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).
What advice can you give us when it comes to finding a Woburn Sands conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Woburn Sands conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak 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 could be of use:
- How familiar is the practice with lease extension legislation?
All being well we will complete the disposal of our £200000 garden flat in Woburn Sands next week. The landlords agents has quoted £312 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Woburn Sands?
Woburn Sands conveyancing on leasehold flats typically necessitates fees being invoiced by management companies :
- Completing pre-exchange enquiries
- Where consent is required before sale in Woburn Sands
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Woburn Sands Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
It is important to be aware whether redecorating or some other major work is due shortly to be shared amongst the leasehold owners and will dramatically increase the the service costs or require a specific payment.
For most Woburn Sands leaseholds the outlay for major works tend not to be built into the service charges, albeit that a few managing agents in Woburn Sands ask tenants to contribute towards a sinking fund and this is used to offset against major repairs or maintenance.
How is the lease structured?