Recently asked questions relating to Oakwood leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Oakwood. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and almost all 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.
I only have 68 years remaining on my lease in Oakwood. I need to extend my lease but my landlord is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you have used your best endeavours to track down the freeholder. On the whole a specialist may be helpful to conduct investigations and to produce a report to be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the application to the County Court covering Oakwood.
Planning to complete next month on a studio apartment in Oakwood. Conveyancing lawyers inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Oakwood should include some of the following:
- 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
Back In 2008, I bought a leasehold flat in Oakwood. Conveyancing and HSBC Bank mortgage are in place. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Oakwood who previously acted has now retired.Any advice?
First make enquiries of the Land Registry to be sure that this person is in fact the new freeholder. There is no 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 rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Are there frequently found deficiencies that you come across in leases for Oakwood properties?
Leasehold conveyancing in Oakwood is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Norwich and Peterborough Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.
Leasehold Conveyancing in Oakwood - Examples of Questions you should consider before Purchasing
Can you tell me if there are any major works in the planning that will likely add a premium to the service fees?
Is the freehold owned jointly by the leaseholders?
The prefered form of lease structure is if the freehold interest is in the ownership of the leaseholders. In this arrangement the leaseholders have being in charge if their destiny and even though a managing agent is usually employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves.