I am hoping to sign contracts shortly on a studio apartment in Woodley. Conveyancing lawyers have said that they are sending me a report within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Woodley should include some of the following:

• The total extent of the demise. This will be the property itself but could also include a roof space or cellar if applicable.

Does the lease prevent you from renting out the flat, or having a home office for business

Ground rent - how much and when you need to pay, and also know whether this is subject to change

An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has

Changes to the flat (alterations and additions)

What you can do if a neighbour is in violation of a provision in their lease?

What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Woodley please enquire of your conveyancer in advance of your conveyancing in Woodley

I am tempted by the attractive purchase price for a couple of flats in Woodley both have approximately forty five years remaining on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Woodley is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. 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 property 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 Woodley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

I've recently bought a leasehold flat in Woodley. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner 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. It is an essential part of leasehold conveyancing for your conveyancer to be sure 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).

I am employed by a reputable estate agent office in Woodley where we have experienced a number of leasehold sales put at risk as a result of short leases. I have received inconsistent advice from local Woodley conveyancing firms. Please can you shed some light as to whether the seller 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.

Completion in due on the disposal of our £300000 flat in Woodley in just under a week. The freeholder has quoted £348 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Woodley?

Woodley conveyancing on leasehold apartments usually results in fees being levied by managing agents :

• Addressing pre-contract questions
• Where consent is required before sale in Woodley
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Woodley leasehold property is £350. For Woodley conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply answers.

Woodley Leasehold Conveyancing - Sample of Queries before buying

Its a good idea to discover as much as you can about the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to practical issues like the tidiness of the communal areas. Don't be shy to ask other tenants what they think of their service. In conclusion, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically how they are spending the funds. How is the lease structured? On the whole the cost for major works are not incorporated into the service charges, albeit that there some managing agents in Woodley ask leaseholders to contribute towards a sinking fund and this is used to offset against larger repairs or maintenance.

Other Topics

Lease Extensions in Woodley