I am on look out for some leasehold conveyancing in Oakdale. Before I set the wheels in motion 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 99.9% are in Oakdale - 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 only have Fifty years remaining on my flat in Oakdale. I now wish to extend my lease but my freeholder is missing. What should I do?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the freeholder. For most situations an enquiry agent would be helpful to try and locate and prepare a report to be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the application to the County Court overseeing Oakdale.

I've found a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have since been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Oakdale. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Oakdale ?

Most houses in Oakdale are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Oakdale so you should seriously consider shopping around for a Oakdale conveyancing solicitor and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should appraise you on the various issues.

I am a negotiator for a reputable estate agency in Oakdale where we have witnessed a few leasehold sales derailed due to short leases. I have received conflicting advice from local Oakdale conveyancing solicitors. Can you clarify whether the owner of a flat can initiate the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed 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 purchaser.

Do you have any advice for leasehold conveyancing in Oakdale from the point of view of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Oakdale can be avoided if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation needed by the purchasers’ conveyancers.
• Some Oakdale leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain 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 you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a property where a dispute is unresolved. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unresolved.
• If you are supposed to have a share in the freehold, you should ensure that you are holding the original share document. Arranging a new share certificate can be a lengthy formality and slows down many a Oakdale conveyancing deal. If a duplicate share certificate is required, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.
• You believe that you know the number of years remaining on your lease but you should verify this via your solicitors. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. It is therefore essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

Oakdale Leasehold Conveyancing - Sample of Queries Prior to buying

The answer will be useful as a) areas may result in problems in the building as the communal areas may start to deteriorate if repairs remain unpaid b) if the tenants have a dispute with the running of the building you will need to have all the details