Guaranteed fixed fees for Leasehold Conveyancing in Woburn

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Woburn leasehold conveyancing: Q and A’s

I am on look out for some leasehold conveyancing in Woburn. Before diving in I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Woburn - 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.

Looking forward to complete next month on a garden flat in Woburn. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Woburn should include some of the following:

  • Does the lease prohibit wood flooring?
  • Whether the lease restricts you from letting out the flat, or having a home office for business
  • You should be told what counts as a Nuisance in the lease
  • 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
  • Whether your lease has a provision for a sinking fund?
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Woburn please enquire of your conveyancer in advance of your conveyancing in Woburn

    • I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Woburn. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

    The majority of houses in Woburn are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Woburn so you should seriously consider shopping around for a Woburn conveyancing practitioner and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will advise you fully on all the issues.

    My wife and I purchased a leasehold house in Woburn. Conveyancing and Aldermore mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Woburn who previously acted has now retired.What should I do?

    First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Woburn conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    Do you have any top tips for leasehold conveyancing in Woburn with the purpose of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Woburn can be avoided if you appoint lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers lawyers.
    • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Woburn leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord consenting to such changes. Where you fail to have the approvals in place you should not contact the landlord without contacting your solicitor first.
  • Some Woburn leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and pay 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 present the dispute as over rather than unsettled.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share certificate. Arranging a duplicate share certificate can be a lengthy formality and frustrates many a Woburn conveyancing transaction. If a duplicate share is necessary, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity.

    • I invested in buying a 2 bed flat in Woburn, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Woburn with an extended lease are worth £244,000. The ground rent is £60 yearly. The lease finishes on 21st October 2099

    With 74 years remaining on your lease we estimate the price of your lease extension to range between £12,400 and £14,200 as well as professional fees.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Woburn