Expecting to exchange soon on a ground floor flat in Woburn Sands. Conveyancing solicitors have said that they will have a report out to me on Monday. What should I be looking out for?

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

• The total extent of the premises. This will be the property itself but might incorporate a loft or cellar if appropriate.

I have just appointed agents to market my basement flat in Woburn Sands.Conveyancing has not commenced but I have just received a half-yearly service charge invoice – Do I pay up?

It best that you clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

Last month I purchased a leasehold property in Woburn Sands. Am I liable to pay service charges for periods before my ownership?

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. However, your landlord may still be able to take action to forfeit the lease. A critical element 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 agency in Woburn Sands where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Woburn Sands conveyancing firms. Please can you shed some light as to whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease 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 can avoid having 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 prior to, or simultaneously with completion of the sale.

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.

What are the frequently found problems that you come across in leases for Woburn Sands properties?

Leasehold conveyancing in Woburn Sands is not unique. All leases are unique and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You will encounter 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. Lloyds TSB Bank, Coventry Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

Woburn Sands Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying

The answer will be helpful as a) areas may cause problems for the building as the common areas may begin to deteriorate where services are not paid for b) if the leasehold owners have a dispute with the managing agents you will need to have complete disclosure You should want to discover as much as you can regarding the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to every day issues like the tidiness of the communal areas. Enquire of other people whether they are happy with them. In conclusion, investigate as to the dates that you are obliged pay the service charge to the managing agents and precisely what it includes. Make sure you discover if there is anything that is prohibited in the lease. By way of example it is reasonably common in Woburn Sands leases that pets are not allowed in certain buildings in Woburn Sands. If you love the apartmentin Woburn Sands however your dog can’t live with you then you will be presented with a hard choice.

Other Topics

Lease Extensions in Woburn Sands