I am in need of some leasehold conveyancing in Oakdale. Before diving in I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and most are in Oakdale - 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 am tempted by the attractive purchase price for a couple of apartments in Oakdale which have about forty five years unexpired on the leases. should I be concerned?

A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

Do you have any advice for leasehold conveyancing in Oakdale with the intention of expediting the sale process?

• A significant proportion of the delay in leasehold conveyancing in Oakdale can be bypassed where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers solicitors.
• The majority freeholders or managing agents in Oakdale levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Oakdale.

If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Oakdale state that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such changes. Where you dont have the consents to hand you should not communicate with the landlord without contacting your lawyer first.

If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Organising a replacement share certificate can be a lengthy process and slows down many a Oakdale conveyancing deal. Where a duplicate share certificate is required, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.

You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. It is therefore essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

All being well we will complete the disposal of our £225000 apartment in Oakdale next Wednesday . The management company has quoted £408 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Oakdale?

For most leasehold sales in Oakdale 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-contract questions
• Where consent is required before sale in Oakdale
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Oakdale leasehold property is £350. For Oakdale 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 the information.

In relation to leasehold conveyancing in Oakdale what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Oakdale. Most leases are individual and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to withdraw.

I bought a garden flat in Oakdale, conveyancing was carried out 8 years ago. How much will my lease extension cost? Equivalent flats in Oakdale with over 90 years remaining are worth £250,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2082

With just 57 years unexpired we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as costs.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

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Lease Extensions in Oakdale