Top Five Questions relating to Oakleigh Park leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Oakleigh Park. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Oakleigh Park - then the leasehold title will always include the short particulars 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.
I only have Sixty One years left on my flat in Oakleigh Park. I am keen to extend my lease but my landlord is can not be found. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to prove that you or your lawyers have made all reasonable attempts to find the lessor. On the whole a specialist should be useful to try and locate and to produce an expert document which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the application to the County Court covering Oakleigh Park.
Due to complete next month on a leasehold property in Oakleigh Park. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Oakleigh Park should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
I have just started marketing my basement apartment in Oakleigh Park.Conveyancing has not commenced but I have just received a quarterly service charge demand – Do I pay up?
It best that you discharge the service charge 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.
I've recently bought a leasehold property in Oakleigh Park. Do I have any liability for 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 ensure 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 have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Oakleigh Park conveyancing firm to act on my behalf?
Absolutely. We are happy to put you in touch with a Oakleigh Park conveyancing firm who can help.
An example of a Lease Extension decision for a Oakleigh Park property is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case affected 1 flat. The unexpired term was 76 years.