Fixed-fee leasehold conveyancing in Oakwood:

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When it comes to leasehold conveyancing in Oakwood, you will need to appoint a conveyancing solicitor with leasehold experience. Whether your lender is to be Santander, Birmingham Midshires or Nationwide make sure you find a lawyer on their panel. Feel free to use our search tool

Examples of recent questions relating to leasehold conveyancing in Oakwood

I am on look out for some leasehold conveyancing in Oakwood. Before diving in I want to be sure as to the remaining lease term.

Assuming the lease is recorded at the land registry - 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 have just appointed agents to market my basement apartment in Oakwood.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly service charge invoice – what should I do?

It best that you 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. Having a clear account will assist your cause and will leave you no worse off financially.

My wife and I purchased a leasehold flat in Oakwood. Conveyancing and Santander mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Oakwood who acted for me is not around.Any advice?

The first thing you should do is contact the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Oakwood conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am employed by a long established estate agency 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 been given inconsistent advice from local Oakwood conveyancing solicitors. Can you confirm whether the vendor of a flat can instigate 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 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

An alternative approach is to agree the lease extension with the freeholder 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.

Do you have any advice for leasehold conveyancing in Oakwood from the perspective of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Oakwood can be bypassed if you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the buyers lawyers.
  • Many landlords or managing agents in Oakwood levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. 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 reason for delay in leasehold conveyancing in Oakwood.
  • A minority of Oakwood leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share document. Arranging a new share certificate can be a time consuming formality and delays many a Oakwood home move. If a duplicate share certificate is necessary, do contact the company officers or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I acquired a studio flat in Oakwood, conveyancing was carried out 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Oakwood with a long lease are worth £178,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2090

    With only 65 years unexpired we estimate the price of your lease extension to be between £13,300 and £15,400 as well as professional fees.

    The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Oakwood