Top Five Questions relating to Oakdale leasehold conveyancing
My husband and I may need to rent out our Oakdale garden flat for a while due to taking a sabbatical. We instructed a Oakdale conveyancing firm in 2004 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your previous Oakdale conveyancing lawyer is not available you can review your lease to check if it allows you to sublet the premises. The accepted inference is that if the deeds are silent, subletting is permitted. There may be a precondition that you need to obtain permission from your landlord or other appropriate person before subletting. The net result is you not allowed to sublet without prior permission. The consent should not be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
I have recently realised that I have 72 years remaining on my flat in Oakdale. I am keen to get lease extension but my landlord is missing. What options are available to me?
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 an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to locate the lessor. For most situations a specialist may be useful to carry out a search and prepare a report to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Oakdale.
I've recently bought a leasehold flat in Oakdale. Am I liable to pay service charges for periods before my ownership?
In a situation 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. However, 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 ensure 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).
I am a negotiator for a busy estate agent office in Oakdale where we see a number of flat sales derailed due to short leases. I have been given contradictory information from local Oakdale conveyancing firms. Can you shed some light as to whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
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 buyer.
Can you offer any advice when it comes to finding a Oakdale conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Oakdale conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Oakdale conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:
- What volume of lease extensions has the firm completed in Oakdale in the last year?
I bought a garden flat in Oakdale, conveyancing was carried out 2006. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Oakdale with over 90 years remaining are worth £183,000. The average or mid-range amount of ground rent is £65 yearly. The lease terminates on 21st October 2088
With only 67 years remaining on your lease we estimate the price of your lease extension to range between £11,400 and £13,200 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.