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Recently asked questions relating to Woking leasehold conveyancing

I am in need of some leasehold conveyancing in Woking. Before diving in I require certainty as to the remaining lease term.

If the lease is registered - and most are in Woking - 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.

My husband and I may need to sub-let our Woking ground floor flat for a while due to a new job. We instructed a Woking conveyancing practice in 2001 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?

Even though your previous Woking conveyancing solicitor is not available you can review your lease to check if it allows you to sublet the apartment. The rule is that if the lease is non-specific, subletting is permitted. There may be a precondition that you need to seek consent from your landlord or other appropriate person prior to subletting. The net result is that you cannot sublet without prior permission. Such consent is not allowed to be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.

I am looking at a couple of apartments in Woking which have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Woking is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of buyers and banks, leases with less than eighty years become less and less attractive. On a more upbeat 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 a residence 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 Woking conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

Can you provide any advice for leasehold conveyancing in Woking with the purpose of expediting the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Woking can be bypassed where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the buyers solicitors.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Woking state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord acquiescing to such alterations. If you dont have the approvals in place do not communicate with the landlord without contacting your solicitor before hand.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of 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 better to present the dispute as over rather than unsettled.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Arranging a replacement share certificate can be a lengthy process and slows down many a Woking conveyancing deal. Where a duplicate share is necessary, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but you should verify this via your conveyancers. A buyer’s conveyancer will not be happy to advise their client to where the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • All being well we will complete our sale of a £250000 apartment in Woking next Friday . The freeholder has quoted £336 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Woking?

    Woking conveyancing on leasehold apartments more often than not involves the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to do so. They are at liberty charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee invoiced by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that one has little choice but to pay whatever is demanded should you wish to complete the sale of your home.

    Woking Leasehold Conveyancing - Examples of Queries before buying

      How is the lease structured? The prefered form of lease arrangement is a share of the freehold. In this scenario the tenants benefit from being in charge if their destiny and even though a managing agent is often retained where it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. You should want to discover as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the tidiness of the common parts. Enquire of other tenants if they are happy with them. Finally, be sure you understand the dates that the service charges are due to the managing agents and specifically what it includes.

    Other Topics

    Lease Extensions in Woking