Leasehold Conveyancing in Woodbury - Get a Quote from the leasehold experts approved by your lender

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Sample questions relating to Woodbury leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Woodbury. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% 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 am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Woodbury. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

Most houses in Woodbury are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Woodbury so you should seriously consider looking for a Woodbury conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should report to you on the legal implications.

I am attracted to a two flats in Woodbury which have about forty five years left on the lease term. Will this present a problem?

There are plenty of short leases in Woodbury. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and it becomes more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area

I've recently bought a leasehold flat in Woodbury. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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).

Can you provide any top tips for leasehold conveyancing in Woodbury with the intention of saving time on the sale process?

  • Much of the delay in leasehold conveyancing in Woodbury can be reduced if you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers.
  • The majority freeholders or Management Companies in Woodbury charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Woodbury.
  • 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 Woodbury state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord approving such changes. Where you dont have the paperwork in place do not contact the landlord without checking with your solicitor in advance.
  • Some Woodbury leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 details of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled.

    • Woodbury Leasehold Conveyancing - A selection of Questions you should consider before Purchasing

      Is anyone aware of any major works on the horizon that will likely increase the maintenance charges? Does the lease include onerous restrictions? Its a good idea to find out as much as possible about the managing agents as they will either make living at the property much simpler or much more difficult. Being a leasehold owner you are frequently at the mercy of the managing agents both financially and when it comes to day to day issues such as the cleanliness of the communal areas. Don't be shy to ask prospective neighbours what they think of their management. In conclusion, be sure you know the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what you get for your money.

    Other Topics

    Lease Extensions in Woodbury