Questions and Answers: Osidge leasehold conveyancing
I am in need of some leasehold conveyancing in Osidge. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and most are in Osidge - 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.
My husband and I may need to rent out our Osidge 1st floor flat temporarily due to taking a sabbatical. We instructed a Osidge conveyancing firm in 2002 but they have closed and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Osidge do contain a provision to say that subletting is only allowed with permission. 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.
I have just appointed agents to market my ground floor apartment in Osidge.Conveyancing is yet to be initiated but I have just had a yearly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay 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 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. This will smooth the conveyancing process.
I am employed by a long established estate agency in Osidge where we have witnessed a number of leasehold sales put at risk due to short leases. I have received conflicting advice from local Osidge conveyancing firms. Please can you clarify whether the vendor of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
If all goes to plan we aim to complete our sale of a £ 300000 apartment in Osidge next week. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Osidge?
Osidge conveyancing on leasehold maisonettes nine out of ten times necessitates administration charges invoiced by freeholders :
- Completing pre-exchange questions
- Where consent is required before sale in Osidge
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Osidge conveyancing firm to represent me?
Most certainly. We can put you in touch with a Osidge conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Osidge property is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case affected 2 flats. The unexpired term was 70.31 years.
I bought a leasehold flat in Osidge, conveyancing having been completed 2011. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Osidge with an extended lease are worth £166,000. The ground rent is £45 yearly. The lease comes to an end on 21st October 2083
With 57 years unexpired we estimate the premium for your lease extension to be between £26,600 and £30,800 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.