Why is leasehold purchase conveyancing in Woodford is more expensive?
In short, leasehold conveyancing in Woodford and elsewhere usually requires extra due diligence compared to freehold transactions. This includes lease investigation, liaising with the landlord about the service of appropriate notices, obtaining current service charge and management information, procuring the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
How does conveyancing in Woodford differ for newly converted properties?
Most buyers of new build premises in Woodford approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because builders in Woodford typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Woodford or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Woodford is where the house is located. Can you shed any light on this issue?
Flying freeholds in Woodford are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Woodford you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Woodford may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am downsizing from my home. My former lawyers closed down. I am in need of a recommendation of a conveyancing firm. I happen to live in Woodford if that makes things easier.
Please use our search tool to help you find a solicitor for your conveyancing in Woodford. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes smoothly.
As co-executor for the will of my grandfather I am selling a house in Monmouth but live in Woodford. My conveyancer (who is 300 miles from meneeds me to execute a stat dec before the transaction finalising. Could you suggest a conveyancing practitioner in Woodford to attest this legal document for me?
Technically speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will do regardless of whether they are Woodford based
I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Woodford. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Woodford are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are buying in Woodford in which case you should be looking for a Woodford conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.
I am the registered owner of a two-bedroom flat in Woodford. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
in cases where there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to calculate the price.
An example of a Freehold Enfranchisement case for a Woodford residence is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case was in relation to 2 flats. The unexpired term was 69.26 years.