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Woodbridge leasehold conveyancing Example Support Desk Enquiries

I only have 72 years remaining on my flat in Woodbridge. I now wish to get lease extension but my freeholder is absent. What options are available to me?

If 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 enable the lease to be extended by the magistrate. However, you will be required to prove that you or your lawyers have made all reasonable attempts to locate the freeholder. In some cases a specialist should be useful to conduct investigations and prepare an expert document to be used as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Woodbridge.

I am hoping to sign contracts shortly on a studio apartment in Woodbridge. Conveyancing solicitors have said that they report fully on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Woodbridge should include some of the following:

  • You should be sent a copy of the lease
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Setting out your rights in relation to the communal areas in the building.For instance, does the lease include a right of way over an accessway or hallways?
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • Are pets allowed in the flat?
  • Whether your lease has a provision for a sinking fund?
  • Responsibility for repairing the window frames For details of the information to be contained in your report on your leasehold property in Woodbridge please ask your conveyancer in ahead of your conveyancing in Woodbridge

    • I am looking at a two apartments in Woodbridge both have in the region of forty five years remaining on the leases. Do I need to be concerned?

    A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the value of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this field

    I am a negotiator for a reputable estate agency in Woodbridge where we have witnessed a few flat sales derailed due to short leases. I have been given inconsistent advice from local Woodbridge conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

    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 buyer.

    Can you provide any top tips for leasehold conveyancing in Woodbridge with the aim of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Woodbridge can be reduced where you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
    • Many freeholders or Management Companies in Woodbridge charge for providing management packs for a leasehold homes. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent cause of delay in leasehold conveyancing in Woodbridge.
  • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example installed wooden flooring? Woodbridge leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Where you dont have the approvals to hand do not communicate with the landlord without contacting your solicitor first.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Obtaining a re-issued share certificate can be a lengthy process and slows down many a Woodbridge conveyancing deal. If a reissued share certificate is needed, do contact the company officers or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be advisable double-check by asking your solicitors. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I purchased a leasehold flat in Woodbridge, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Woodbridge with an extended lease are worth £265,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease finishes on 21st October 2090

    With only 65 years left to run we estimate the price of your lease extension to span between £12,400 and £14,200 as well as plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Woodbridge