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Examples of recent questions relating to leasehold conveyancing in Ollerton

Jane (my partner) and I may need to let out our Ollerton ground floor flat temporarily due to a career opportunity. We used a Ollerton conveyancing firm in 2003 but they have closed and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?

A small minority of properties in Ollerton do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to see 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.

There are only Sixty One years left on my flat in Ollerton. I now wish to extend my lease but my landlord is absent. What are my options?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the lessor. In some cases a specialist would be helpful to try and locate and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Ollerton.

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Ollerton. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Ollerton ?

Most houses in Ollerton are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Ollerton so you should seriously consider shopping around for a Ollerton conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the landlord’spermission to conduct alterations. 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 report to you on the legal implications.

Do you have any top tips for leasehold conveyancing in Ollerton from the point of view of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Ollerton can be reduced if you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ conveyancers.
  • The majority landlords or Management Companies in Ollerton levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Ollerton.
  • Some Ollerton leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. 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 reveal the dispute as historic rather than unresolved.
  • If you hold a share in a the freehold, you should make sure that you hold the original share document. Obtaining a duplicate share certificate can be a lengthy formality and frustrates many a Ollerton home move. Where a reissued share is necessary, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity.

    • What makes a Ollerton lease unacceptable for security purposes?

    Leasehold conveyancing in Ollerton is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain parts of the property
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Bank of Scotland, and Platform Home Loans Ltd all have very detailed requirements 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, obliging the buyer to withdraw.

    I bought a 2 bed flat in Ollerton, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Ollerton with over 90 years remaining are worth £226,000. The ground rent is £60 per annum. The lease ends on 21st October 2098

    With just 73 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 as well as legals.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do 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 want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Ollerton