Experts for Leasehold Conveyancing in Woodbury

Whether you are buying or selling leasehold flat in Woodbury, our panel of leasehold conveyancing experts will help you move with as little stress as possible. Find a Woodbury conveyancing lawyer with our search tool

Top Five Questions relating to Woodbury leasehold conveyancing

I am on look out for some leasehold conveyancing in Woodbury. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.

If the lease is registered - and most are in Woodbury - 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 have just started marketing my ground floor apartment in Woodbury.Conveyancing is yet to be initiated but I have just had a half-yearly service charge demand – what should I do?

It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a couple of flats in Woodbury which have approximately fifty years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold apartment in Woodbury is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most buyers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Woodbury 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

What are your top tips when it comes to finding a Woodbury conveyancing practice to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a Woodbury conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Woodbury conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

  • If they are not ALEP accredited then what is the reason?
  • Can they put you in touch with client in Woodbury who can give a testimonial?

  • When it comes to leasehold conveyancing in Woodbury what are the most frequent lease defects?

    There is nothing unique about leasehold conveyancing in Woodbury. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • A duty to insure the building
    • 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

    You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

    Leasehold Conveyancing in Woodbury - Sample of Questions you should ask Prior to Purchasing

      What is the the remaining lease term? Where a Woodbury lease has fewer than 80 years it will affect the value of the flat. It is worth checking with your lender that they are happy with the length of the lease. Leases with less than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of what this will be. For most Woodburylease extensions you will be required to have been the owner of the residence for a couple of years before you are entitled to extend the lease. Is there a share of the freehold?

    Other Topics

    Lease Extensions in Woodbury