Common questions relating to Oakleigh Park leasehold conveyancing
I am on look out for some leasehold conveyancing in Oakleigh Park. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is registered - 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.
Harry (my fiance) and I may need to rent out our Oakleigh Park 1st floor flat temporarily due to a career opportunity. We used a Oakleigh Park conveyancing firm in 2003 but they have closed and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Oakleigh Park do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Estate agents have just been given the go-ahead to market my 2 bed flat in Oakleigh Park.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance 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 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 work for a reputable estate agency in Oakleigh Park where we have experienced a number of flat sales put at risk due to short leases. I have been given conflicting advice from local Oakleigh Park conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
After years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Oakleigh Park. Can we issue an application to the Residential Property Tribunal Service?
if there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the price.
An example of a Lease Extension case for a Oakleigh Park residence 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.
What makes a Oakleigh Park lease problematic?
There is nothing unique about leasehold conveyancing in Oakleigh Park. Most leases is drafted differently and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain elements of the premises
- Insurance obligations
- 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 could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Bank of Scotland, and Britannia 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, forcing the buyer to pull out.