Common questions relating to Holsworthy leasehold conveyancing
I have just started marketing my 2 bed apartment in Holsworthy.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge demand – Do I pay up?
It best that you pay 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 unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
My wife and I purchased a leasehold house in Holsworthy. Conveyancing and Norwich and Peterborough Building Society mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Holsworthy who previously acted has long since retired.Do I pay?
The first thing you should do is contact the Land Registry to be sure that this person is in fact the new freeholder. It is not necessary to instruct a Holsworthy conveyancing practitioner to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
What advice can you give us when it comes to finding a Holsworthy conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Holsworthy conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Holsworthy conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How familiar is the firm with lease extension legislation?
- Can they put you in touch with client in Holsworthy who can give a testimonial?
Can you provide any top tips for leasehold conveyancing in Holsworthy from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Holsworthy can be avoided if you instruct lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers representatives.
- A minority of Holsworthy leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 buyers or their solicitors.
- If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. 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 purchasers, but it is clearly preferable to present the dispute as over rather than unsettled.
- If you are supposed to have a share in the freehold, you should ensure that you have the original share certificate. Obtaining a replacement share certificate is often a lengthy process and slows down many a Holsworthy conveyancing transaction. If a reissued share certificate is needed, do contact the company officers or managing agents (where relevant) for this sooner rather than later.
- You believe that you know the number of years left on your lease but it would be wise to verify this by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.
If all goes to plan we aim to complete the sale of our £ 450000 flat in Holsworthy next week. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Holsworthy?
Holsworthy conveyancing on leasehold maisonettes nine out of ten times involves fees being invoiced by landlords agents :
- Answering conveyancing due diligence enquiries
- Where consent is required before sale in Holsworthy
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I own a 1 bedroom flat in Holsworthy, conveyancing formalities finalised in 2002. How much will my lease extension cost? Equivalent flats in Holsworthy with over 90 years remaining are worth £242,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2103
With 77 years remaining on your lease the likely cost is going to span between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.