I am in need of some leasehold conveyancing in Olney. Before diving in I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and most are in Olney - 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 am attracted to a two maisonettes in Olney which have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena

What are your top tips when it comes to appointing a Olney conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Olney conveyancing firm) it is most important 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 Olney conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• What volume of lease extensions have they conducted in Olney in the last year?

Can they put you in touch with client in Olney who can give a testimonial?

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 reduced if you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the buyers lawyers.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Olney state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord consenting to such works. If you dont have the consents to hand do not communicate with the landlord without contacting your lawyer before hand.

A minority of Olney leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain 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 buyers or their solicitors.

If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to 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 ahead of 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 clearly preferable to reveal the dispute as over rather than unresolved.

If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Obtaining a re-issued share certificate can be a lengthy process and frustrates many a Olney home move. If a duplicate share is necessary, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.

Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £300000 garden flat in Olney in 8 days. The landlords agents has quoted £396 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Olney?

Olney conveyancing on leasehold flats normally necessitates administration charges raised by managing agents :

• Completing pre-exchange questions
• Where consent is required before sale in Olney
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Olney leasehold property is £350. For Olney conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide the information.

I own a garden flat in Olney, conveyancing having been completed in 1995. 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 properties in Olney with a long lease are worth £168,000. The ground rent is £60 invoiced annually. The lease comes to an end on 21st October 2079

With 56 years unexpired we estimate the premium for your lease extension to be between £24,700 and £28,600 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Olney