Fixed-fee leasehold conveyancing in Olney:

When it comes to leasehold conveyancing in Olney, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Halifax, Birmingham Midshires or Bradford & Bingley make sure you find a lawyer on their panel. Feel free to use our search tool

Olney leasehold conveyancing: Q and A’s

I’m about to sell my garden apartment in Olney.Conveyancing has not commenced but I have just received a quarterly service charge demand – should I leave it to the buyer to sort out?

It best that you discharge the service charge 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 managing agents will not acknowledge the buyer unless 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 am attracted to a two maisonettes in Olney both have in the region of 50 years unexpired on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field

I've recently bought a leasehold house in Olney. Do I have any liability for service charges relating to a period prior to completion of my purchase?

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. However, 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 provide any advice for leasehold conveyancing in Olney with the intention of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Olney can be bypassed if you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ conveyancers.
  • Many landlords or managing agents in Olney levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Olney.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Olney leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord consenting to such alterations. Should you fail to have the paperwork in place do not communicate with the landlord without contacting your lawyer before hand.
  • Some Olney leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share document. Obtaining a replacement share certificate is often a lengthy process and frustrates many a Olney conveyancing transaction. Where a new share certificate is necessary, you should approach the company officers or managing agents (if applicable) for this as soon as possible.

  • We expect to complete the disposal of our £200000 apartment in Olney next Friday . The management company has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Olney?

    For the majority of leasehold sales in Olney conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

    • Answering pre-exchange questions
    • Where consent is required before sale in Olney
    • Copies of the building insurance and schedule
    • 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 property 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 obliged to provide answers.

    Olney Leasehold Conveyancing - Sample of Questions you should consider Prior to buying

      Who is in charge of the building? This question is helpful as a) areas can cause problems for the block as the common areas may start to deteriorate if services remain unpaid b) if the leasehold owners have a dispute with the running of the building you will wish to have full disclosure What restrictions exist in the Olney Lease?

    Other Topics

    Lease Extensions in Olney