Frequently asked questions relating to Oakdale leasehold conveyancing
My wife and I may need to rent out our Oakdale basement flat for a while due to taking a sabbatical. We instructed a Oakdale conveyancing practice in 2001 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
Your lease dictates the relationship between the landlord and you the leaseholder; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Oakdale do not contain an absolute prevention of subletting – such a clause would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I am hoping to complete next month on a ground floor flat in Oakdale. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Oakdale should include some of the following:
- The physical extent of the property. This will be the apartment itself but may include a roof space or basement if applicable.
I have just started marketing my basement flat in Oakdale.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge demand – what should I do?
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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.
Can you provide any top tips for leasehold conveyancing in Oakdale with the purpose of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Oakdale can be reduced if you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers representatives.
- The majority landlords or Management Companies in Oakdale levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information can be applied for 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 Oakdale.
All being well we will complete the sale of our £450000 maisonette in Oakdale on Wednesday in a week. The managing agents has quoted £396 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Oakdale?
Oakdale conveyancing on leasehold maisonettes usually necessitates administration charges levied by freeholders :
- Answering pre-exchange questions
- Where consent is required before sale in Oakdale
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Oakdale - Sample of Questions you should ask before buying
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For most Oakdale leaseholds the cost for major works are not included within service charges, although some managing agents in Oakdale ask tenants to contribute towards a sinking fund and this is used to offset against major works.
How many years remain on the lease?
Most Oakdale leasehold apartments will incur a service bill for the upkeep of the building set by the landlord. If you purchase the property you will have to meet this liability, normally quarterly throughout the year. This can differ from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. In all probability there will be a ground rent to be met annual, ordinarily this is not a exorbitant amount, say about £25-£75 but you should to check it because on occasion it can be many hundreds of pounds.
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