I am on look out for some leasehold conveyancing in Oakwood. Before diving in I require certainty as to the remaining lease term.

If the lease is registered - and most are in Oakwood - 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.

Planning to complete next month on a studio apartment in Oakwood. Conveyancing solicitors have said that they are sending me a report within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Oakwood should include some of the following:

• You should receive a copy of the lease

Will you be prohibited or prevented from having pets in the property?

Ground rent - how much and when you need to pay, and also know whether this will change in the future

An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has

Whether your lease has a provision for a sinking fund?

Changes to the flat (alterations and additions)

What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Oakwood please enquire of your conveyancer in ahead of your conveyancing in Oakwood

Estate agents have just been given the go-ahead to market my garden flat in Oakwood.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge invoice – Do I pay up?

The sensible thing to do is 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 until 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.

Last month I purchased a leasehold property in Oakwood. Am I liable to pay service charges relating to a period prior to completion of my purchase?

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. A critical element 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).

All being well we will complete our sale of a £175000 flat in Oakwood in 5 days. The managing agents has quoted £384 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Oakwood?

For most leasehold sales in Oakwood conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Addressing pre-contract enquiries
• Where consent is required before sale in Oakwood
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Oakwood leasehold property is £350. For Oakwood conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply the information.

Leasehold Conveyancing in Oakwood - Examples of Queries Prior to Purchasing

Most Oakwood leasehold flats will have a service bill for the upkeep of the building invoiced on behalf of the freeholder. If you buy the flat you will have to meet this amount, normally periodically during the year. This could vary from several hundred pounds to thousands of pounds for blocks with lifts and large common areas. In all likelihood there will be a rentcharge to be met yearly, normally this is not a exorbitant figure, say around £50-£100 but you need to enquire it because sometimes it could be many hundreds of pounds. The answer will be important as a) areas may result in problems for the block as the common areas may begin to deteriorate if repairs remain unpaid b) if the tenants have an issue with the managing agents you will wish to have complete disclosure The prefered form of lease structure is where the freehold title is in the ownership of the leaseholders. In this situation the lessees have control and even though a managing agent is often employed if it is bigger than a house conversion, the managing agent is directed by the tenants.

Other Topics

Lease Extensions in Oakwood