Fixed-fee leasehold conveyancing in Oakleigh Park:

While any conveyancing practice can theoretically handle your leasehold conveyancing in Oakleigh Park, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in Oakleigh Park

I have just started marketing my 2 bed flat in Oakleigh Park.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should pay 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 until 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.

I today plan to offer on a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Oakleigh Park. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Oakleigh Park ?

The majority of houses in Oakleigh Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Oakleigh Park so you should seriously consider shopping around for a Oakleigh Park conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a two apartments in Oakleigh Park which have in the region of fifty years unexpired on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the value of the lease reduces and it becomes more costly to extend the lease. This is why it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area

Last month I purchased a leasehold flat in Oakleigh Park. Am I liable to pay service charges for periods before completion of my purchase?

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. It is an essential part 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).

Following months of correspondence we cannot 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?

Most certainly. We can put you in touch with a Oakleigh Park conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Oakleigh Park premises 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 related to 1 flat. The unexpired term was 76 years.

In relation to leasehold conveyancing in Oakleigh Park what are the most common lease defects?

Leasehold conveyancing in Oakleigh Park is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:

  • A provision to repair to or maintain elements of the building
  • A duty to insure the building
  • Clauses dealing with recovering service charges for expenditure on the building or common parts.
  • Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Bank of Scotland, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.