Top Five Questions relating to Oakwood leasehold conveyancing
I am intending to sublet my leasehold apartment in Oakwood. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your previous 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 allowed. There may be a precondition that you must seek permission via your landlord or some other party before subletting. This means you not allowed to sublet without first obtaining consent. Such consent is not allowed to be unreasonably withheld. If the lease does not allow you to sublet you will need to ask your landlord for their consent.
I have just started marketing my basement flat in Oakwood.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – what should I do?
It best that you 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 managing agents will not acknowledge the buyer unless 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 am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Oakwood. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
Most houses in Oakwood are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Oakwood so you should seriously consider looking for a Oakwood conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £500000 flat in Oakwood in just under a week. The management company has quoted £408 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Oakwood?
Oakwood conveyancing on leasehold apartments normally involves the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries most will be willing to do so. They may levy a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The administration charge levied by the landlord must be sent together with a summary of rights and obligations in respect of administration charges, without which the charge is not strictly payable. In reality one has little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
When it comes to leasehold conveyancing in Oakwood what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Oakwood. Most leases are individual and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the premises
- 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 problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Mortgage Works, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
I own a garden flat in Oakwood, conveyancing was carried out 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Oakwood with a long lease are worth £253,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2078
You have 57 years left to run we estimate the premium for your lease extension to be between £30,400 and £35,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.