Guaranteed fixed fees for Leasehold Conveyancing in South Oxhey

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Examples of recent questions relating to leasehold conveyancing in South Oxhey

My wife and I purchased a leasehold house in South Oxhey. Conveyancing and Coventry Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1997. The conveyancing solicitor in South Oxhey who acted for me is not around.Any advice?

The first thing you should do is contact HMLR to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a South Oxhey conveyancing lawyer to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am looking at a couple of maisonettes in South Oxhey which have in the region of forty five years left on the leases. Will this present a problem?

A lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease deteriorate and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena

I am a negotiator for a reputable estate agent office in South Oxhey where we have witnessed a few flat sales put at risk due to short leases. I have been given contradictory information from local South Oxhey conveyancing solicitors. Could you clarify whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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 are your top tips when it comes to appointing a South Oxhey conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a South Oxhey conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non South Oxhey conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

  • If the firm is not ALEP accredited then what is the reason?
  • What volume of lease extensions have they conducted in South Oxhey in the last twenty four months?

    • Can you provide any advice for leasehold conveyancing in South Oxhey with the intention of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in South Oxhey can be bypassed if you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
    • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? South Oxhey leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such alterations. Should you fail to have the consents in place you should not contact the landlord without contacting your lawyer in advance.
  • Some South Oxhey leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have had conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a property where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing.
  • You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I own a two-bedroom flat in South Oxhey. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?

    if there is a missing landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to assess the price payable.

    An example of a Lease Extension decision for a South Oxhey premises is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case was in relation to 3 flats. The remaining number of years on the lease was 71 years.

    Other Topics

    Lease Extensions in South Oxhey