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Frequently asked questions relating to Oakham leasehold conveyancing

I am in need of some leasehold conveyancing in Oakham. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Oakham - 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 am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Oakham. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Oakham ?

Most houses in Oakham are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Oakham so you should seriously consider shopping around for a Oakham conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should appraise you on the various issues.

I am a negotiator for a busy estate agent office in Oakham where we see a few leasehold sales derailed as a result of short leases. I have received contradictory information from local Oakham conveyancing firms. Can you confirm whether the vendor of a flat can start 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 start 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.

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 buyer.

What advice can you give us when it comes to appointing a Oakham conveyancing practice to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Oakham conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Oakham conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:

  • How many lease extensions have they completed in Oakham in the last twenty four months?
  • What are the costs for lease extension conveyancing?

    • Can you provide any top tips for leasehold conveyancing in Oakham from the perspective of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Oakham can be avoided if you appoint lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
    • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Oakham leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. Should you fail to have the consents in place you should not communicate with the landlord without contacting your solicitor in advance.
  • A minority of Oakham 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 should make it clear that the buyer is able to meet the yearly 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 purchasers or their lawyers.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Obtaining a duplicate share certificate can be a time consuming process and frustrates many a Oakham conveyancing deal. Where a new share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Oakham Conveyancing for Leasehold Flats - Sample of Questions you should consider before buying

      How much is the maintenance charge and ground rent on the flat? Most Oakham leasehold flats will incur a service bill for maintenance of the block invoiced by the freeholder. Should you acquire the property you will have to pay this amount, usually periodically throughout the year. This can be anything from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge for you to pay yearly, normally this is not a exorbitant figure, say approximately £50-£100 but you should to enquire it because on occasion it could be many hundreds of pounds. This information is useful as a) areas may cause problems for the building as the communal areas may begin to deteriorate where repairs are not paid for b) if the leasehold owners have a dispute with the managing agents you will need to have complete disclosure

    Other Topics

    Lease Extensions in Oakham