Fixed-fee leasehold conveyancing in Holsworthy:

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Holsworthy leasehold conveyancing: Q and A’s

Due to sign contracts shortly on a leasehold property in Holsworthy. Conveyancing lawyers have said that they will have a report out to me next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Holsworthy should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • The total extent of the demise. This will be the apartment itself but could also include a roof space or basement if appropriate.
  • Will you be prohibited or prevented from having pets in the property?
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Repair and maintenance of the flat
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Holsworthy please enquire of your lawyer in ahead of your conveyancing in Holsworthy

    • I am attracted to a couple of apartments in Holsworthy both have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Holsworthy. The lease is a right to use the property for a prescribed time frame. As the lease shortens the saleability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea 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 such properties. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field

    What advice can you give us when it comes to choosing a Holsworthy conveyancing practice to deal with our lease extension?

    When appointing a conveyancer for your lease extension (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 work. We recommend that you talk with several firms including non Holsworthy conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:

    • How familiar is the firm with lease extension legislation?
  • If they are not ALEP accredited then what is the reason?

    • Can you provide any top tips for leasehold conveyancing in Holsworthy with the intention of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Holsworthy can be reduced if you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers lawyers.
    • Many freeholders or managing agents in Holsworthy charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Holsworthy.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Holsworthy leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence from the Landlord approving such works. Where you dont have the consents in place you should not communicate with the landlord without contacting your conveyancer in the first instance.
  • A minority of Holsworthy leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as over rather than unsettled.

    • What makes a Holsworthy lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Holsworthy. All leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the premises
    • Insurance obligations
    • 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

    A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Bank of Scotland, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to pull out.

    I purchased a 1st floor flat in Holsworthy, conveyancing having been completed in 2001. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Holsworthy with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ends on 21st October 2078

    With 53 years remaining on your lease we estimate the premium for your lease extension to range between £34,200 and £39,600 as well as professional fees.

    The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Holsworthy