Planning to sign contracts shortly on a basement flat in Olney. Conveyancing lawyers inform me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?

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

The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years

Whether the lease restricts you from letting out the flat, or having a home office for business

Repair and maintenance of the flat

Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?

The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

Responsibility for repairing the window frames For details of the information to be included in your report on your leasehold property in Olney please ask your lawyer in advance of your conveyancing in Olney

I’m about to sell my garden apartment in Olney.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge invoice – Do I pay up?

The sensible thing to do is 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.

I've recently bought a leasehold property in Olney. Am I liable to pay service charges relating to a period prior to my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you offer any advice when it comes to appointing 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 firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Olney conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:

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

What are the costs for lease extension conveyancing?

If all goes to plan we aim to complete our sale of a £350000 garden flat in Olney next Monday . The management company has quoted £420 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Olney?

Olney conveyancing on leasehold flats usually results in administration charges levied by landlords agents :

• Addressing pre-exchange enquiries
• 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 solicitor will have no control over the level of the charges for this information but the average costs for the information for Olney leasehold premises 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.

Leasehold Conveyancing in Olney - Sample of Queries Prior to buying

Are any of leasehold owners in arrears of their service charge liability? Please tell me if there are any major works anticipated that will likely add a premium to the service costs? Where a Olney lease has fewer than eighty years it will have adverse implications on the salability of the property. It is worth checking with your mortgage company that they are content with remaining years on the lease. A short lease means that you will probably require a lease extension sooner rather than later and it is worth finding out how much this would cost. For most Olneylease extensions you would be be obliged to have owned the premises for two years before you are legally able to exercise a lease extension.

Other Topics

Lease Extensions in Olney