Fixed-fee leasehold conveyancing in Woodcote:

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Common questions relating to Woodcote leasehold conveyancing

I've found a house that appears to be perfect, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Woodcote. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

The majority of houses in Woodcote are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Woodcote in which case you should be looking for a Woodcote conveyancing solicitor and be sure 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 entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor should report to you on the legal implications.

I've recently bought a leasehold property in Woodcote. Do I have any liability for 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).

Do you have any advice for leasehold conveyancing in Woodcote from the perspective of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Woodcote can be avoided where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation needed by the buyers representatives.
  • The majority freeholders or managing agents in Woodcote levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Woodcote.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in Woodcote state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such changes. If you dont have the paperwork to hand do not communicate with the landlord without checking with your lawyer first.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. 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 particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Obtaining a duplicate share certificate is often a time consuming process and frustrates many a Woodcote home move. Where a new share certificate is required, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.

    • Completion in due on the sale of our £475000 apartment in Woodcote on Tuesday in a week. The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Woodcote?

    Woodcote conveyancing on leasehold apartments usually requires the buyer’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to respond to these enquiries most will be content to assist. They may invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it is above £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in relation to administration fees, otherwise the invoice is technically not due. In reality you have no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.

    What makes a Woodcote lease problematic?

    There is nothing unique about leasehold conveyancing in Woodcote. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You may have 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. Birmingham Midshires, The Royal Bank of Scotland, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

    I own a 2 bed flat in Woodcote, conveyancing formalities finalised 9 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Woodcote with an extended lease are worth £253,000. The ground rent is £60 invoiced every year. The lease ends on 21st October 2079

    With only 54 years left to run the likely cost is going to range between £35,200 and £40,600 plus plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on 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 may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Woodcote