I am on look out for some leasehold conveyancing in Woodley. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most 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 am looking at a two flats in Woodley both have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this field

What advice can you give us when it comes to appointing a Woodley conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for lease extension works (regardless if they are a Woodley conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Woodley conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

• Can they put you in touch with client in Woodley who can give a testimonial?
• What are the legal fees for lease extension work?

Do you have any advice for leasehold conveyancing in Woodley from the point of view of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Woodley can be reduced if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers conveyancers.
• Many freeholders or managing agents in Woodley levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding 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 frequent reason for delay in leasehold conveyancing in Woodley.
• If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge 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 purchasers, but it is better to reveal the dispute as over as opposed to unresolved.
• If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Arranging a duplicate share certificate is often a time consuming process and frustrates many a Woodley home move. Where a reissued share certificate is required, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.
• You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

What makes a Woodley lease unacceptable for security purposes?

Leasehold conveyancing in Woodley is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the premises
• A duty to insure the building
• 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 will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Mortgage Works, and Alliance & Leicester all have very detailed 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 provide security, obliging the buyer to pull out.

I acquired a split level flat in Woodley, conveyancing was carried out in 2003. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Woodley with a long lease are worth £230,000. The average or mid-range amount of ground rent is £45 levied per year. The lease comes to an end on 21st October 2082

You have 56 years left to run we estimate the premium for your lease extension to be between £23,800 and £27,400 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.