Having had my offer accepted I require leasehold conveyancing in Olney. Before I get started I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% 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 have recently realised that I have Sixty One years remaining on my lease in Olney. I now want to get lease extension but my freeholder is can not be found. What are my options?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you have done all that could be expected to find the lessor. For most situations a specialist may be helpful to conduct investigations and to produce a report which can be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court covering Olney.

Planning to exchange soon on a leasehold property in Olney. Conveyancing lawyers have said that they report fully tomorrow. What should I be looking out for?

The report on title for your leasehold conveyancing in Olney should include some of the following:

• You should be sent a copy of the lease

My wife and I purchased a leasehold flat in Olney. Conveyancing and Aldermore mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Olney who acted for me is not around.Do I pay?

The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. There is no need to instruct a Olney conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

What makes a Olney lease problematic?

There is nothing unique about leasehold conveyancing in Olney. All leases are unique and drafting errors can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• 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

You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Mortgage Works, and Barclays Direct all have express 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 problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

I invested in buying a leasehold flat in Olney, conveyancing was carried out 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Olney with an extended lease are worth £192,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ceases on 21st October 2077

With just 52 years unexpired the likely cost is going to span between £31,400 and £36,200 plus professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Olney