Holmrook leasehold conveyancing: Q and A’s
Frank (my husband) and I may need to let out our Holmrook basement flat for a while due to a career opportunity. We used a Holmrook conveyancing practice in 2001 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Your lease governs relations between the freeholder and you the flat owner; specifically, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Holmrook do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I am hoping to complete next month on a ground floor flat in Holmrook. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Holmrook should include some of the following:
- Setting out your legal entitlements in respect of the communal areas in the block.For instance, does the lease provide for a right of way over an accessway or hallways?
Estate agents have just been given the go-ahead to market my ground floor apartment in Holmrook.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge demand – what should I do?
It best that you clear 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 until 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. This will smooth the conveyancing process.
I am looking at a couple of maisonettes in Holmrook which have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Holmrook. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property 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 recommend you seek professional help from a solicitor and surveyor with experience in this area
If all goes to plan we aim to complete the sale of our £200000 apartment in Holmrook in nine days. The landlords agents has quoted £348 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Holmrook?
For the majority of leasehold sales in Holmrook conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-contract questions
- Where consent is required before sale in Holmrook
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I bought a garden flat in Holmrook, conveyancing was carried out in 2005. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Holmrook with over 90 years remaining are worth £174,000. The average or mid-range amount of ground rent is £60 per annum. The lease ceases on 21st October 2076
With 55 years left to run we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above 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 this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.