My wife and I may need to let out our Holsworthy ground floor flat temporarily due to a career opportunity. We used a Holsworthy conveyancing firm in 2002 but they have closed and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?

Even though your previous Holsworthy conveyancing lawyer is no longer available you can review your lease to check if it allows you to sublet the apartment. The rule is that if the lease is silent, subletting is allowed. Quite often there is a prerequisite that you must obtain consent from your landlord or some other party before subletting. This means that you cannot sublet in the absence of first obtaining consent. The consent must not not be unreasonably refused ore delayed. If the lease does not allow you to sublet you should ask your landlord for their consent.

I today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Holsworthy. Conveyancing advisers have are about to be appointed. Will they explain the issues?

Most houses in Holsworthy are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Holsworthy so you should seriously consider looking for a Holsworthy conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.

I own a leasehold flat in Holsworthy. Conveyancing and Aldermore mortgage are in place. 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 1991. The conveyancing solicitor in Holsworthy who acted for me is not around.Any advice?

First contact HMLR to make sure that this person is indeed the new freeholder. It is not necessary to instruct a Holsworthy conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a two apartments in Holsworthy which have approximately 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Holsworthy is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Holsworthy conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Are there common problems that you see in leases for Holsworthy properties?

Leasehold conveyancing in Holsworthy is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain elements of the property
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, The Mortgage Works, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

Holsworthy Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing

How many of the leaseholders are in arrears for their maintenance charge payments? If a Holsworthy lease has fewer than eighty years it will have adverse implications on the value of the property. It is worth checking with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you would need to own the residence for two years in order to be legally able to extend the lease. Who are the managing agents?

Other Topics

Lease Extensions in Holsworthy