Questions and Answers: Holmfirth leasehold conveyancing
Due to exchange soon on a leasehold property in Holmfirth. Conveyancing lawyers inform me that they are sending me a report tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Holmfirth should include some of the following:
- The total extent of the property. This will be the property itself but may include a roof space or cellar if appropriate.
I've recently bought a leasehold property in Holmfirth. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What are your top tips when it comes to appointing a Holmfirth conveyancing practice to deal with our lease extension?
When appointing a solicitor 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 make enquires 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 could be useful:
- If the firm is not ALEP accredited then why not?
If all goes to plan we aim to complete the disposal of our £250000 flat in Holmfirth on Wednesday in a week. The landlords agents has quoted £396 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Holmfirth?
Holmfirth conveyancing on leasehold apartments usually involves administration charges invoiced by freeholders :
- Answering pre-contract enquiries
- Where consent is required before sale in Holmfirth
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What are the common defects that you come across in leases for Holmfirth properties?
There is nothing unique about leasehold conveyancing in Holmfirth. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- 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
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Coventry Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the buyer to pull out.
I bought a studio flat in Holmfirth, conveyancing having been completed 8 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Holmfirth with a long lease are worth £211,000. The ground rent is £55 per annum. The lease terminates on 21st October 2086
With only 63 years left to run we estimate the premium for your lease extension to span between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to 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.