There are only 62 years left on my lease in Olney. I am keen to extend my lease but my landlord is absent. What options are available to me?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the freeholder. For most situations a specialist should be helpful to try and locate and to produce a report which can be used as proof that the landlord can not be located. It is wise to seek advice from a solicitor both on proving the landlord’s absence and the vesting order request to the County Court covering Olney.

I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Olney. Conveyancing advisers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Olney ?

The majority of houses in Olney are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Olney in which case you should be looking for a Olney conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should appraise you on the various issues.

What are your top tips when it comes to choosing a Olney conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a solicitor for your lease extension (regardless if they are a Olney conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Olney conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:

• If they are not ALEP accredited then what is the reason?

Do you have any top tips for leasehold conveyancing in Olney with the aim of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Olney can be avoided if you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers representatives.
• The majority freeholders or managing agents in Olney 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 sought 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 common cause of frustration in leasehold conveyancing in Olney.

What makes a Olney lease defective?

There is nothing unique about leasehold conveyancing in Olney. Most leases are unique and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the property
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

You may 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. Lloyds TSB Bank, Coventry Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.

I am the registered owner of a 1st floor flat in Olney, conveyancing having been completed 2006. 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 flats in Olney with an extended lease are worth £180,000. The ground rent is £50 levied per year. The lease terminates on 21st October 2085

With 59 years unexpired the likely cost is going to be between £20,000 and £23,000 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Olney