Quality lawyers for Leasehold Conveyancing in Oakleigh Park

Get a Quote

Require a conveyancing quote from a solicitor for leasehold conveyancing in Oakleigh Park on your lender’s panel? Use our search tool to find quality local Oakleigh Park conveyancing lawyers or national solicitors on your lender’s panel .

Oakleigh Park leasehold conveyancing Example Support Desk Enquiries

I am tempted by the attractive purchase price for a couple of flats in Oakleigh Park both have in the region of 50 years unexpired on the lease term. Will this present a problem?

A lease is a right to use the premises for a period of time. As the lease gets shorter the value of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena

Last month I purchased a leasehold property in Oakleigh Park. Do I have any liability for service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous lessee 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).

What advice can you give us when it comes to finding a Oakleigh Park conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Oakleigh Park conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non Oakleigh Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

  • Can they put you in touch with client in Oakleigh Park who can give a testimonial?
  • What are the legal fees for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Oakleigh Park with the aim of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Oakleigh Park can be reduced if you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ representatives.
    • The majority freeholders or Management Companies in Oakleigh Park charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Oakleigh Park.
  • Some Oakleigh Park leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Obtaining a new share certificate is often a lengthy process and frustrates many a Oakleigh Park conveyancing deal. If a duplicate share is needed, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.
  • You believe that you know the number of years remaining on your lease but you should double-check by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. It is therefore essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • We expect to complete the sale of our £275000 flat in Oakleigh Park in 8 days. The freeholder has quoted £384 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Oakleigh Park?

    Oakleigh Park conveyancing on leasehold flats normally requires the buyer’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be content to do so. They are at liberty invoice a reasonable administration fee for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is £350, 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 relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that one has little option but to pay whatever is demanded if you want to sell the property.

    Having spent months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Oakleigh Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    in cases where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the premium.

    An example of a Lease Extension matter before the tribunal 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 lease term was 76 years.