Experts for Leasehold Conveyancing in Oakwood

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Frequently asked questions relating to Oakwood leasehold conveyancing

I am in need of some leasehold conveyancing in Oakwood. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and most 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 would like to rent out my leasehold apartment in Oakwood. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Even though your last Oakwood conveyancing solicitor is no longer available you can review your lease to see if it allows you to sublet the property. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you need to seek consent via your landlord or other appropriate person in advance of subletting. The net result is you not allowed to sublet without first obtaining permission. The consent is not allowed to be unreasonably turned down. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.

Having checked my lease I have discovered that there are only Fifty years left on my flat in Oakwood. I need to extend my lease but my freeholder is absent. What are my options?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the lessor. On the whole a specialist should be helpful to conduct investigations and to produce a report to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Oakwood.

I am employed by a busy estate agent office in Oakwood where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Oakwood conveyancing firms. Could you clarify whether the owner of a flat can commence 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser 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 needs to be completed prior to, 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 purchaser.

Do you have any top tips for leasehold conveyancing in Oakwood with the intention of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Oakwood can be reduced where you get in touch lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers conveyancers.
  • The majority freeholders or Management Companies in Oakwood levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Oakwood.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Oakwood leases often stipulate that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord consenting to such changes. Where you dont have the paperwork to hand you should not communicate with the landlord without contacting your solicitor in the first instance.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as over as opposed to unresolved.
  • If you hold a share in a the freehold, you should ensure that you have the original share certificate. Arranging a duplicate share certificate can be a time consuming formality and delays many a Oakwood home move. Where a new share certificate is required, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.

    • Oakwood Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to Purchasing

      Best to be warned if redecorating or some other significant cost is anticipated that will be shared amongst the tenants and may well materially increase the the service costs or require a specific payment. What is the name of the managing agents? How many years are left on the lease?

    Other Topics

    Lease Extensions in Oakwood