Having had my offer accepted I require leasehold conveyancing in Osterley. Before diving in I would like to find out the remaining lease term.

If the lease is registered - and most are in Osterley - then the leasehold title will always include the basic details 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.

I’m about to sell my ground floor apartment in Osterley.Conveyancing has not commenced but I have just received a quarterly maintenance charge demand – what should I do?

It best that you discharge 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 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 attracted to a couple of flats in Osterley which have approximately fifty years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Osterley is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most buyers and lenders, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Osterley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Can you provide any top tips for leasehold conveyancing in Osterley from the point of view of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Osterley can be avoided where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation needed by the buyers solicitors.
• The majority landlords or Management Companies in Osterley levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management information sought on or before finding 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 frustration in leasehold conveyancing in Osterley.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Osterley leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord acquiescing to such alterations. If you dont have the approvals to hand do not contact the landlord without checking with your conveyancer before hand.
• A minority of Osterley leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
• If there is a history of conflict with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve 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 will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as over rather than unresolved.

I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Osterley conveyancing firm to assist?

Absolutely. We can put you in touch with a Osterley conveyancing firm who can help.

An example of a Lease Extension decision for a Osterley property 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 related to 1 flat. The remaining number of years on the lease was 60.45 years.

When it comes to leasehold conveyancing in Osterley what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Osterley. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

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. Santander, The Royal Bank of Scotland, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.

Osterley Leasehold Conveyancing - Sample of Questions you should consider Prior to buying

Does the lease include onerous restrictions? This question is important as a) areas may cause problems in the block as the common areas may begin to deteriorate where maintenance remain unpaid b) if the leasehold owners have an issue with the managing agents you will wish to know about it