Oakwood leasehold conveyancing: Q and A’s
There are only 68 years remaining on my flat in Oakwood. I am keen to get lease extension but my landlord is missing. What are my options?
If you meet the appropriate requirements, 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 enable the lease to be extended by the magistrate. However, you will be required to prove that you have done all that could be expected to find the lessor. In some cases a specialist should be useful to carry out a search and prepare a report which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s disappearance and the application to the County Court covering Oakwood.
Estate agents have just been given the go-ahead to market my garden apartment in Oakwood.Conveyancing is yet to be initiated but I have just received a quarterly service charge demand – Do I pay up?
It best that you clear 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 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. This will smooth the conveyancing process.
I today plan to offer on a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Oakwood. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Oakwood ?
Most 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 assist with the conveyancing process. It is clear that you are buying in Oakwood in which case you should be shopping around for a Oakwood conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.
My wife and I purchased a leasehold house in Oakwood. Conveyancing and Barclays mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Oakwood who previously acted has now retired.Any advice?
First contact HMLR to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Oakwood conveyancing firm to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
We expect to complete the disposal of our £250000 flat in Oakwood in six days. The management company has quoted £396 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Oakwood?
Oakwood conveyancing on leasehold apartments often involves the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be content to do so. They are at liberty invoice a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it is above £800. The management information fee demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, without which the invoice is technically not due. In reality you have no option but to pay whatever is demanded should you wish to complete the sale of your home.
I am the registered owner of a leasehold flat in Oakwood, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Oakwood with a long lease are worth £199,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2092
With just 67 years unexpired we estimate the price of your lease extension to range between £11,400 and £13,200 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
Other Topics