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Common questions relating to Holyhead leasehold conveyancing

Planning to sign contracts shortly on a leasehold property in Holyhead. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Holyhead should include some of the following:

  • Setting out your rights in respect of common areas in the block.E.G., does the lease contain a right of way over an accessway or staircase?
  • 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 will change in the future
  • 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
  • Whether your lease has a provision for a reserve fund?
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building For a comprehensive list of information to be contained in your report on your leasehold property in Holyhead please ask your lawyer in ahead of your conveyancing in Holyhead

    • I have just started marketing my basement flat in Holyhead.Conveyancing has not commenced but I have just received a yearly maintenance charge demand – what should I do?

    Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am employed by a busy estate agent office in Holyhead where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Holyhead conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

    As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-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 prior to, or at the same time as completion of the sale.

    An alternative approach is 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.

    Can you provide any advice for leasehold conveyancing in Holyhead with the purpose of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Holyhead can be reduced if you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
    • The majority freeholders or managing agents in Holyhead charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Holyhead.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Holyhead state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord consenting to such works. Where you dont have the approvals to hand do not contact the landlord without checking with your conveyancer first.
  • A minority of Holyhead leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 buyers or their solicitors.
  • If you hold a share in a the freehold, you should ensure that you have the original share document. Organising a new share certificate is often a lengthy formality and slows down many a Holyhead conveyancing transaction. If a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (if applicable) for this as soon as possible.

    • What makes a Holyhead lease problematic?

    Leasehold conveyancing in Holyhead is not unique. Most leases is drafted differently and drafting errors can result in certain sections are not included. The following missing provisions could result in a defective lease:

    • A provision to repair to or maintain elements of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.

    Holyhead Conveyancing for Leasehold Flats - A selection of Queries before Purchasing

      Is there a share of the freehold? The majority of Holyhead leasehold flats will be liable to pay a service bill for maintenance of the building set on behalf of the freeholder. Should you purchase the flat you will have to meet this liability, usually periodically during the year. This can vary from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge for you to pay yearly, ordinarily this is not a exorbitant figure, say about £50-£100 but you should to enquire it because occasionally it could be many hundreds of pounds. What prohibitions are contained in the Holyhead Lease?

    Other Topics

    Lease Extensions in Holyhead