Guaranteed fixed fees for Leasehold Conveyancing in Holbeach

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Holbeach leasehold conveyancing Example Support Desk Enquiries

I own a leasehold house in Holbeach. Conveyancing and Barnsley Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Holbeach who acted for me is not around.Any advice?

First contact HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. There is no need to incur the fees of a Holbeach conveyancing solicitor to do this as you can do this on the Land Registry website 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 attracted to a two flats in Holbeach which have approximately forty five years unexpired on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease deteriorate and it becomes more costly to acquire a lease extension. 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 as mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

I work for a reputable estate agency in Holbeach where we see a number of leasehold sales jeopardised due to short leases. I have been given inconsistent advice from local Holbeach conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension process for the buyer?

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. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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 buyer.

What are your top tips when it comes to appointing a Holbeach conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Holbeach conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Holbeach conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:

  • Can they put you in touch with client in Holbeach who can give a testimonial?
  • What are the costs for lease extension work?

    • Can you provide any advice for leasehold conveyancing in Holbeach with the purpose of speeding up the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Holbeach can be bypassed where you appoint lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers solicitors.
    • Many landlords or Management Companies in Holbeach charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Holbeach.
  • Some Holbeach leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet 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 purchasers or their solicitors.
  • If you hold a share in a the freehold, you should make sure that you are holding the original share certificate. Arranging a duplicate share certificate is often a time consuming formality and frustrates many a Holbeach home move. Where a new share is necessary, do contact the company officers or managing agents (if relevant) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 80 years. It is therefore important 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 premises on the market for sale.

    • I invested in buying a 2 bed flat in Holbeach, conveyancing formalities finalised 2001. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Holbeach with a long lease are worth £266,000. The ground rent is £65 yearly. The lease ends on 21st October 2078

    You have 52 years left to run we estimate the premium for your lease extension to range between £33,300 and £38,400 plus plus your own and the landlord's "reasonable" professional fees.

    The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Holbeach