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Questions and Answers: Ollerton leasehold conveyancing

I am intending to sublet my leasehold apartment in Ollerton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

A small minority of properties in Ollerton 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 see references. Experience dictates 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 consent.

My wife and I purchased a leasehold house in Ollerton. Conveyancing and Coventry Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing solicitor in Ollerton who acted for me is not around.What should I do?

First make enquiries of HMLR to be sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Ollerton conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am tempted by the attractive purchase price for a two maisonettes in Ollerton both have in the region of fifty years remaining on the lease term. Will this present a problem?

There are plenty of short leases in Ollerton. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease deteriorate and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena

I work for a busy estate agency in Ollerton where we have witnessed a number of leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Ollerton conveyancing solicitors. Please can you confirm whether the vendor of a flat can start the lease extension process for the buyer?

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 proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with 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.

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 delay in leasehold conveyancing in Ollerton can be bypassed if you instruct lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ lawyers.
  • Many freeholders or managing agents in Ollerton charge for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Ollerton.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Ollerton state that internal structural alterations or addition of wooden flooring require a licence from the Landlord consenting to such works. Where you dont have the consents in place you should not contact the landlord without checking with your lawyer first.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle 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 purchasers, but it is better to present the dispute as historic rather than unsettled.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is below 80 years. In the circumstances it is important at an early stage 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.

    • Ollerton Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying

      Best to be warned whether a new roof is being put on or some other major work is anticipated that will be shared between the tenants and may well dramatically increase the the service charges or necessitate a one time invoice. You will want to find out as much as you can concerning the managing agents as they will either make life much easier or problematic. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to every day matters like the upkeep of the common parts. Enquire of other tenants what they think of them. On a final note, be sure you discover the dates that you are obliged pay the maintenance charge to the managing agents and specifically how they are spending the funds. Who takes responsibility for maintaining and repairing the building?

    Other Topics

    Lease Extensions in Ollerton