Expecting to exchange soon on a ground floor flat in Woodstock. Conveyancing solicitors have said that they report fully next week. Are there areas in the report that I should be focusing on?

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

• How long the lease is You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Woodstock. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Woodstock ?

Most houses in Woodstock are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Woodstock so you should seriously consider looking for a Woodstock conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should report to you on the legal implications.

I am attracted to a two apartments in Woodstock both have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Woodstock is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the premises. For most buyers and lenders, leases with under eighty years become less and less attractive. On a more upbeat 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 Woodstock 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 am employed by a long established estate agency in Woodstock where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Woodstock conveyancing firms. Please can you clarify whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?

Provided that 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. 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 needs to be completed prior to, or at the same time as completion of the sale.

An alternative approach is 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.

Completion in due on our sale of a £350000 flat in Woodstock on Thursday in a week. The management company has quoted £360 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Woodstock?

Woodstock conveyancing on leasehold apartments normally requires the buyer’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be willing to do so. They may charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, without which the charge is technically not due. In reality one has no choice but to pay whatever is demanded should you wish to sell the property.

I am the registered owner of a split level flat in Woodstock, conveyancing formalities finalised in 2000. 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? Equivalent properties in Woodstock with an extended lease are worth £183,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease expires on 21st October 2096

You have 71 years left to run the likely cost is going to span between £12,400 and £14,200 plus costs.

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 without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.

Other Topics

Lease Extensions in Woodstock