I am hoping to sign contracts shortly on a basement flat in Olney. Conveyancing solicitors have said that they report fully on Monday. 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 receive a copy of the lease

Back In 2006, I bought a leasehold house in Olney. Conveyancing and Bank of Ireland mortgage organised. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in Olney who previously acted has long since retired.What should I do?

The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Olney conveyancing lawyer 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 legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a couple of flats in Olney which have about 50 years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Olney is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of purchasers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Olney conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I am employed by a long established estate agent office in Olney where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Olney conveyancing firms. Please can you clarify whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

What advice can you give us when it comes to appointing a Olney conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (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 advise that you make enquires with several firms including non Olney conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• How experienced is the practice with lease extension legislation?

Leasehold Conveyancing in Olney - Sample of Queries Prior to Purchasing

The prefered form of lease arrangement is a share of the freehold. In this situation the lessees benefit from being in charge if their destiny and notwithstanding that a managing agent is frequently retained if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. The answer will be useful as a) areas could cause problems in the building as the communal areas may begin to deteriorate where repairs remain unpaid b) if the leaseholders have a dispute with the running of the building you will wish to have all the details Is anyone aware of any major works in the near future that could add a premium to the maintenance charges?

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Lease Extensions in Olney