Frequently asked questions relating to Holmfirth leasehold conveyancing
My husband and I may need to let out our Holmfirth ground floor flat for a while due to a career opportunity. We used a Holmfirth conveyancing firm in 2004 but they have closed and we did not have the foresight to seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Holmfirth do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Due to exchange soon on a studio apartment in Holmfirth. Conveyancing solicitors inform me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Holmfirth should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I am looking at a two maisonettes in Holmfirth both have about 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Holmfirth. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena
I am a negotiator for a long established estate agency in Holmfirth where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Holmfirth conveyancing firms. Can you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that 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 proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
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 buyer.
Can you offer any advice when it comes to choosing a Holmfirth conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Holmfirth conveyancing practice) it is essential 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 Holmfirth conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- What volume of lease extensions has the firm carried out in Holmfirth in the last year?
Holmfirth Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing
Best to be warned if redecorating or some other significant cost is pending to be shared between the tenants and may well materially impact the level of the maintenance fees or necessitate a one time payment.
It would be a good idea to investigate if the the lease includes any onerous restrictions in the lease. For instance it is reasonably common in Holmfirth leases that pets are not permitted in in a block in Holmfirth. If you like the flatin Holmfirth but your cat is not allowed to move with you then you will be presented with a difficult choice.
In the main the outlay for major works are not incorporated into the service charges, although there some managing agents in Holmfirth obliged tenants to pay into a sinking fund and this is used to offset against larger works.