Oakwood leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Oakwood. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and 99.9% are in Oakwood - then the leasehold title will always include the short particulars 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.
Harry (my fiance) and I may need to sub-let our Oakwood basement flat for a while due to a new job. We instructed a Oakwood conveyancing firm in 2004 but they have since shut and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?
A small minority of properties in Oakwood do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
There are only Seventy years remaining on my flat in Oakwood. I am keen to extend my lease but my landlord is absent. What are my options?
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 mean that your lease can be extended by the Court. However, you will be required to demonstrate that you have done all that could be expected to find the landlord. In some cases an enquiry agent may be helpful to conduct investigations and prepare an expert document which can be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Oakwood.
Last month I purchased a leasehold house in Oakwood. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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).
We expect to complete our sale of a £475000 maisonette in Oakwood in just under a week. The management company has quoted £312 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Oakwood?
Oakwood conveyancing on leasehold maisonettes normally requires the purchaser’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They are entitled levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some cases it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality one has no choice but to pay whatever is demanded if you want to sell the property.
I acquired a basement flat in Oakwood, conveyancing having been completed in 2001. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Oakwood with over 90 years remaining are worth £173,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2086
With just 63 years unexpired the likely cost is going to be between £18,100 and £20,800 as well as legals.
The suggested premium range 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 a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.