Due to exchange soon on a leasehold property in Oakwood. Conveyancing solicitors have said that they report fully next week. What should I be looking out for?

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

• Are you allowed to have a pet in the flat?

Whether the lease restricts you from renting out the flat, or working from home

Ground rent - how much and when you need to pay, and also know whether this is subject to change

You should have a good understanding of the insurance provisions

Changes to the flat (alterations and additions)

The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

What options are open to you if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Oakwood please ask your solicitor in ahead of your conveyancing in Oakwood

I have just appointed agents to market my garden apartment in Oakwood.Conveyancing has not commenced but I have just had a half-yearly service charge invoice – Do I pay up?

The sensible thing to do is clear the service charge 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 management companies 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.

Back In 2003, I bought a leasehold house in Oakwood. Conveyancing and Nottingham Building Society mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Oakwood who previously acted has now retired.What should I do?

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 instruct a Oakwood conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a couple of flats in Oakwood which have about fifty years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Oakwood is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and lenders, leases with under 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 premises 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.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £300000 maisonette in Oakwood in just under a week. The landlords agents has quoted £312 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Oakwood?

Oakwood conveyancing on leasehold flats typically results in administration charges raised by managing agents :

• Addressing conveyancing due diligence enquiries
• Where consent is required before sale in Oakwood
• Supplying insurance information
• 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 premises 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 obliged to supply the information.

I am the registered owner of a studio flat in Oakwood, conveyancing having been completed 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Oakwood with an extended lease are worth £259,000. The ground rent is £60 per annum. The lease ends on 21st October 2088

With just 65 years unexpired we estimate the premium for your lease extension to range between £14,300 and £16,400 plus costs.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

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Lease Extensions in Oakwood