Oakwood leasehold conveyancing Example Support Desk Enquiries
My partner and I may need to let out our Oakwood 1st floor flat for a while due to taking a sabbatical. We used a Oakwood conveyancing firm in 2001 but they have since shut and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
A small minority of properties in Oakwood do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Due to exchange soon on a ground floor flat in Oakwood. Conveyancing lawyers inform me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Oakwood should include some of the following:
- You should be sent a copy of the lease
I own a leasehold flat in Oakwood. Conveyancing and The Mortgage Works mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Oakwood who previously acted has now retired.What should I do?
First contact HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Oakwood conveyancing solicitor to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am a negotiator for a busy estate agent office in Oakwood where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Oakwood conveyancing firms. Can you confirm whether the vendor of a flat can commence the lease extension formalities 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 buyer can avoid having to wait 2 years to extend their lease. 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 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 purchaser.
What are your top tips when it comes to finding a Oakwood conveyancing firm to deal with our lease extension?
When appointing a conveyancer for lease extension works (regardless if they are a Oakwood conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Oakwood conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- What volume of lease extensions have they completed in Oakwood in the last year?
I acquired a 2 bed flat in Oakwood, conveyancing having been completed in 2008. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Oakwood with an extended lease are worth £231,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2075
You have 55 years remaining on your lease the likely cost is going to span between £32,300 and £37,400 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.