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

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Frequently asked questions relating to Woodley leasehold conveyancing

I am in need of some leasehold conveyancing in Woodley. Before diving in I would like to find out the remaining lease term.

Assuming the lease is recorded at the land registry - and almost all are in Woodley - 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.

I only have 72 years remaining on my flat in Woodley. I now want to extend my lease but my landlord is absent. What should I do?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to track down the lessor. For most situations a specialist should be helpful to conduct investigations and prepare a report to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the application to the County Court covering Woodley.

I am a negotiator for a reputable estate agent office in Woodley where we have witnessed a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Woodley conveyancing solicitors. Could you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible 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 advice for leasehold conveyancing in Woodley from the point of view of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Woodley can be reduced if you appoint lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers solicitors.
  • Many landlords or managing agents in Woodley levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Woodley.
  • Some Woodley leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual 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 buyers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and 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 ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as historic rather than unresolved.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is below 80 years. It is therefore essential at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • What makes a Woodley lease problematic?

    There is nothing unique about leasehold conveyancing in Woodley. All leases are individual and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Skipton Building Society, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.

    I own a split level flat in Woodley, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Woodley with an extended lease are worth £172,000. The ground rent is £60 invoiced every year. The lease terminates on 21st October 2076

    With 52 years unexpired we estimate the price of your lease extension to be between £31,400 and £36,200 as well as legals.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. 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 considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Woodley