Common questions relating to Oakwood leasehold conveyancing
I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Oakwood. Conveyancing lawyers have not yet been appointed. 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 buying in Oakwood so you should seriously consider looking for a Oakwood conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.
Back In 2003, I bought a leasehold house in Oakwood. Conveyancing and Nationwide Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Oakwood who previously acted has long since retired.Any advice?
The first thing you should do is contact the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Oakwood conveyancing lawyer to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of maisonettes in Oakwood both have in the region of fifty years unexpired on the lease term. should I be concerned?
There are plenty of short leases in Oakwood. The lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease decreases and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena
I am employed by a long established estate agent office in Oakwood where we see a few leasehold sales put at risk as a result of short leases. I have been given conflicting advice from local Oakwood conveyancing solicitors. Please can you clarify whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence 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 at the same time as completion of the disposal of the property.
An alternative approach is 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 buyer.
Can you offer any advice when it comes to appointing a Oakwood conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Oakwood conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Oakwood conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- What volume of lease extensions have they carried out in Oakwood in the last 12 months?
I inherited a 1 bedroom flat in Oakwood, conveyancing having been completed in 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Oakwood with over 90 years remaining are worth £266,000. The average or mid-range amount of ground rent is £50 yearly. The lease terminates on 21st October 2088
You have 67 years remaining on your lease we estimate the price of your lease extension to range between £15,200 and £17,600 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.