Frequently asked questions relating to Holmfirth leasehold conveyancing
Due to sign contracts shortly on a garden flat in Holmfirth. Conveyancing solicitors assured me that they will have a report out to me tomorrow. 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:
- The physical extent of the premises. This will be the property itself but may include a loft or basement if appropriate.
I've found a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Holmfirth. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Holmfirth are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Holmfirth in which case you should be shopping around for a Holmfirth conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should report to you on the legal implications.
Last month I purchased a leasehold flat in Holmfirth. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 advice can you give us when it comes to appointing a Holmfirth conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Holmfirth conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Holmfirth conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- How experienced is the practice with lease extension legislation?
Do you have any advice for leasehold conveyancing in Holmfirth from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Holmfirth can be reduced if you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
- Many landlords or Management Companies in Holmfirth levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Holmfirth.
I bought a split level flat in Holmfirth, conveyancing having been completed in 2009. 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? Similar flats in Holmfirth with over 90 years remaining are worth £250,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2080
With only 59 years remaining on your lease we estimate the premium for your lease extension to be between £26,600 and £30,800 as well as legals.
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 in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.