Frequently asked questions relating to Holsworthy leasehold conveyancing
My husband and I may need to sub-let our Holsworthy garden flat temporarily due to a new job. We used a Holsworthy conveyancing firm in 2004 but they have closed and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?
Even though your previous Holsworthy conveyancing solicitor 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. There may be a precondition that you need to seek consent from your landlord or some other party prior to subletting. The net result is that you cannot sublet in the absence of prior permission. The consent is not allowed to be unreasonably turned down. If your lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
I am attracted to a two flats in Holsworthy which have about 50 years left on the lease term. Do I need to be concerned?
A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease reduces and it becomes more costly to extend the lease. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field
I am employed by a busy estate agency in Holsworthy where we see a few flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Holsworthy conveyancing firms. Could you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
What advice can you give us when it comes to choosing a Holsworthy conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Holsworthy conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Holsworthy conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- What volume of lease extensions have they completed in Holsworthy in the last year?
Do you have any top tips for leasehold conveyancing in Holsworthy with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Holsworthy can be bypassed where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ representatives.
- In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Holsworthy leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord acquiescing to such works. If you dont have the paperwork to hand you should not communicate with the landlord without contacting your conveyancer first.
I acquired a basement flat in Holsworthy, conveyancing having been completed in 2004. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Holsworthy with an extended lease are worth £267,000. The average or mid-range amount of ground rent is £60 yearly. The lease ends on 21st October 2072
With just 52 years remaining on your lease we estimate the price of your lease extension to range between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.