Fixed-fee leasehold conveyancing in Holme On Spalding Moor:

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Top Five Questions relating to Holme On Spalding Moor leasehold conveyancing

I am on look out for some leasehold conveyancing in Holme On Spalding Moor. Before I get started I would like to find out the unexpired term of the lease.

If the lease is registered - and 99.9% are in Holme On Spalding Moor - 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.

Back In 2009, I bought a leasehold flat in Holme On Spalding Moor. Conveyancing and Coventry Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Holme On Spalding Moor who previously acted has now retired.What should I do?

The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. There is no need to instruct a Holme On Spalding Moor conveyancing firm to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I am attracted to a two maisonettes in Holme On Spalding Moor both have approximately 50 years unexpired on the leases. Will this present a problem?

There are plenty of short leases in Holme On Spalding Moor. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena

Can you offer any advice when it comes to appointing a Holme On Spalding Moor conveyancing practice to carry out our lease extension conveyancing?

When appointing a solicitor for your lease extension (regardless if they are a Holme On Spalding Moor conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Holme On Spalding Moor conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

  • What volume of lease extensions have they completed in Holme On Spalding Moor in the last 12 months?
  • Can they put you in touch with client in Holme On Spalding Moor who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in Holme On Spalding Moor with the aim of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Holme On Spalding Moor can be bypassed where you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold documentation needed by the buyers lawyers.
    • Many freeholders or Management Companies in Holme On Spalding Moor charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Holme On Spalding Moor.
  • A minority of Holme On Spalding Moor leases require Landlord’s consent to the sale and approval of the buyers. 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. Any bank reference should make it clear that the buyer is financially capable of paying the yearly 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 purchasers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than ongoing.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Obtaining a duplicate share certificate is often a time consuming formality and slows down many a Holme On Spalding Moor home move. If a new share is needed, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

    • I acquired a 1st floor flat in Holme On Spalding Moor, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Holme On Spalding Moor with over 90 years remaining are worth £267,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ends on 21st October 2092

    With only 67 years unexpired we estimate the premium for your lease extension to be between £14,300 and £16,400 as well as legals.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Holme On Spalding Moor