Examples of recent questions relating to leasehold conveyancing in Oakwood
Having had my offer accepted I require leasehold conveyancing in Oakwood. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is registered - and 99.9% 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 am intending to sublet my leasehold flat in Oakwood. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Notwithstanding that your last Oakwood conveyancing solicitor is no longer around you can check your lease to check if you are permitted to let out the property. The rule is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you need to seek consent via your landlord or some other party before subletting. This means you not allowed to sublet in the absence of prior permission. The consent should not be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
Having checked my lease I have discovered that there are only 72 years left on my lease in Oakwood. I now wish to extend my lease but my landlord is can not be found. What are my options?
If 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 prove that you or your lawyers have made all reasonable attempts to find the lessor. In some cases a specialist should be helpful to conduct investigations and prepare a report to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s disappearance and the application to the County Court covering Oakwood.
I have just appointed agents to market my garden flat in Oakwood.Conveyancing lawyers have not yet been instructed but I have just received a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay 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 managing agents 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 work for a reputable estate agency in Oakwood where we see a number of flat sales derailed as a result of short leases. I have received inconsistent advice from local Oakwood conveyancing firms. Can you clarify whether the vendor of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a leasehold flat in Oakwood, conveyancing was carried out 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Oakwood with an extended lease are worth £242,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease expires on 21st October 2075
You have 54 years unexpired the likely cost is going to range between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.