Having checked my lease I have discovered that there are only 62 years left on my flat in Oakwood. I am keen to get lease extension but my landlord 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 enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to track down the lessor. For most situations an enquiry agent should be helpful to try and locate and prepare a report which can be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s absence and the application to the County Court covering Oakwood.

I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Oakwood. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Oakwood ?

The majority of houses in Oakwood are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Oakwood in which case you should be looking for a Oakwood conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer will advise you fully on all the issues.

My wife and I purchased a leasehold house in Oakwood. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Oakwood who previously acted has long since retired.Any advice?

The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the new freeholder. You do not need to incur the fees of a Oakwood conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two maisonettes in Oakwood both have about fifty years unexpired on the lease term. should I be concerned?

There are no two ways about it. A leasehold flat in Oakwood is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Oakwood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Do you have any top tips for leasehold conveyancing in Oakwood with the intention of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Oakwood can be reduced where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
• If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Oakwood state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Should you dont have the paperwork in place do not communicate with the landlord without contacting your conveyancer before hand.
• A minority of Oakwood leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying 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 there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet 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 buyers, but it is better to present the dispute as historic as opposed to unresolved.
• If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Obtaining a duplicate share certificate is often a time consuming process and slows down many a Oakwood home move. If a new share certificate is necessary, you should approach the company director and secretary or managing agents (if relevant) for this sooner rather than later.

Oakwood Leasehold Conveyancing - Sample of Queries before buying

Most Oakwood leasehold flats will incur a service charge for the upkeep of the building invoiced by the landlord. Where you purchase the flat you will have to pay this amount, usually quarterly throughout the year. This may vary from a few hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a ground rent for you to pay annual, this is usually not a exorbitant figure, say about £25-£75 but you should to check as sometimes it could be many hundreds of pounds. This question is helpful as a) areas could cause problems in the building as the common areas may start to deteriorate where services are not paid for b) if the tenants have an issue with the running of the building you will wish to know about it