I am on look out for some leasehold conveyancing in Holbeach. Before diving in I want to be sure as to the number of years remaining on the lease.

If the lease is recorded at the land registry - and most are in Holbeach - then the leasehold title will always include the short particulars 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 have just started marketing my basement flat in Holbeach.Conveyancing has not commenced but I have just received a half-yearly service charge invoice – should I leave it to the buyer to sort out?

It best that you pay the invoice 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 today plan to offer on a house that appears to be perfect, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Holbeach. Conveyancing solicitors have are about to be instructed. Will they explain the issues?

The majority of houses in Holbeach are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Holbeach in which case you should be looking for a Holbeach conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer should report to you on the legal implications.

I own a leasehold house in Holbeach. Conveyancing and Aldermore mortgage organised. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Holbeach who acted for me is not around.What should I do?

First make enquiries of HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Holbeach conveyancing firm to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a couple of apartments in Holbeach both have in the region of forty five years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Holbeach is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat 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 premises 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 Holbeach conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 invested in buying a 2 bed flat in Holbeach, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Holbeach with an extended lease are worth £235,000. The ground rent is £55 charged once a year. The lease expires on 21st October 2094

With just 69 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 plus costs.

The suggested premium range that we have given is 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 considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.

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Lease Extensions in Holbeach