Questions and Answers: Olney leasehold conveyancing
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?
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.
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
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.