Guaranteed fixed fees for Leasehold Conveyancing in Osterley

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Osterley leasehold conveyancing: Q and A’s

Expecting to exchange soon on a leasehold property in Osterley. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Osterley should include some of the following:

  • You need to be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions)
  • What you can do if a neighbour breach a clause of their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Osterley please enquire of your conveyancer in ahead of your conveyancing in Osterley

    • I am looking at a couple of flats in Osterley which have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

    A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the value of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area

    I've recently bought a leasehold flat in Osterley. Do I have any liability for service charges relating to a period prior to 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. Strange as it may seem, 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).

    Can you offer any advice when it comes to appointing a Osterley conveyancing firm to deal with our lease extension?

    If you are instructing a property lawyer for lease extension works (regardless if they are a Osterley conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Osterley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

    • What volume of lease extensions have they carried out in Osterley in the last twenty four months?
  • What are the costs for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Osterley with the purpose of saving time on the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Osterley can be reduced where you appoint lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
    • The majority landlords or Management Companies in Osterley charge for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Osterley.
  • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Osterley leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord consenting to such changes. Where you fail to have the consents in place you should not contact the landlord without checking with your conveyancer first.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than ongoing.
  • You believe that you know the number of years left on your lease but it would be wise to verify this by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to where the lease term is below 75 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • After months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Osterley. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    in cases where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the amount due.

    An example of a Lease Extension matter before the tribunal for a Osterley flat is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The the unexpired term as at the valuation date was 60.45 years.

    Other Topics

    Lease Extensions in Osterley