My wife and I may need to let out our Olney 1st floor flat for a while due to a new job. We used a Olney conveyancing practice in 2002 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?

Even though your last Olney conveyancing lawyer is not available you can review your lease to see if you are permitted to let out the apartment. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you need to seek consent from your landlord or some other party prior to subletting. This means you not allowed to sublet without first obtaining permission. The consent is not allowed to be unreasonably withheld. If your lease prohibits you from letting out the property you will need to ask your landlord if they are willing to waive this restriction.

I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Olney. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Olney are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Olney in which case you should be shopping around for a Olney conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of maisonettes in Olney both have about forty five years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Olney is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Olney conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I've recently bought a leasehold flat in Olney. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Do you have any top tips for leasehold conveyancing in Olney from the point of view of saving time on the sale process?

• Much of the delay in leasehold conveyancing in Olney can be avoided where you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information needed by the buyers conveyancers.
• The majority freeholders or Management Companies in Olney charge for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Olney.
• In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Olney leases often stipulate that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord acquiescing to such changes. Where you fail to have the paperwork in place you should not communicate with the landlord without checking with your conveyancer first.
• Some Olney 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 put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly 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 lawyers.
• If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share document. Obtaining a new share certificate is often a lengthy formality and slows down many a Olney conveyancing transaction. If a duplicate share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this as soon as possible.

I am the registered owner of a split level flat in Olney, conveyancing having been completed in 2012. 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? Equivalent flats in Olney with a long lease are worth £265,000. The average or mid-range amount of ground rent is £45 levied per year. The lease expires on 21st October 2092

With only 66 years unexpired we estimate the premium for your lease extension to range between £13,300 and £15,400 plus costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.