Questions and Answers: Olney leasehold conveyancing
I would like to let out my leasehold apartment in Olney. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
The lease dictates the relationship between the landlord and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Olney do not prevent subletting altogether – such a clause would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.
There are only 68 years left on my flat in Olney. I am keen to get lease extension but my landlord is absent. What options are available to me?
If you qualify, 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 lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the freeholder. In some cases an enquiry agent would be useful to carry out a search and prepare an expert document which can be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the application to the County Court covering Olney.
I have just started marketing my ground floor flat in Olney.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly service charge demand – what should I do?
It best that you pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Can you provide any advice for leasehold conveyancing in Olney with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Olney can be bypassed if you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers lawyers.
- In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Olney state that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord consenting to such works. Should you fail to have the paperwork to hand do not contact the landlord without checking with your lawyer in advance.
What makes a Olney lease problematic?
There is nothing unique about leasehold conveyancing in Olney. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Bank of Scotland, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to pull out.
I bought a ground floor flat in Olney, conveyancing formalities finalised 2011. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Olney with over 90 years remaining are worth £192,000. The average or mid-range amount of ground rent is £50 levied per year. The lease comes to an end on 21st October 2078
With only 53 years remaining on your lease the likely cost is going to span between £29,500 and £34,000 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
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