Leasehold Conveyancing in Holyhead - Get a Quote from the leasehold experts approved by your lender

Get a Quote

When it comes to leasehold conveyancing in Holyhead, you will need to appoint a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Santander, Birmingham Midshires or Bradford & Bingley be sure to find a lawyer on their panel. Find a Holyhead conveyancing lawyer with our search tool

Questions and Answers: Holyhead leasehold conveyancing

Last month I purchased a leasehold house in Holyhead. Do I have any liability for service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I am a negotiator for a reputable estate agency in Holyhead where we have witnessed a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Holyhead conveyancing solicitors. Please can you confirm whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as the seller has been the owner 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 proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder 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 top tips for leasehold conveyancing in Holyhead with the aim of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Holyhead can be reduced if you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
  • The majority freeholders or Management Companies in Holyhead charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Holyhead.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Holyhead leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Where you fail to have the paperwork to hand do not communicate with the landlord without checking with your conveyancer first.
  • If you have had conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle 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 are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unsettled.
  • You believe that you know the number of years left on your lease but you should double-check via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • We expect to complete the disposal of our £500000 garden flat in Holyhead on Wednesday in a week. The freeholder has quoted £408 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Holyhead?

    Holyhead conveyancing on leasehold flats more often than not necessitates the buyer’s lawyer sending enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to do so. They may invoice a reasonable charge for answering enquiries or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, otherwise the charge is technically not due. Reality however dictates that one has little choice but to pay whatever is requested of you should you wish to sell the property.

    What are the common deficiencies that you encounter in leases for Holyhead properties?

    Leasehold conveyancing in Holyhead is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:

    • Repairing obligations 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 could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Virgin Money, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

    I own a ground floor flat in Holyhead, conveyancing having been completed 10 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Holyhead with an extended lease are worth £231,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2092

    You have 67 years left to run the likely cost is going to span between £11,400 and £13,200 plus plus your own and the landlord's "reasonable" professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Holyhead