Recently asked questions relating to Holywell leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Holywell. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Holywell - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
My fiance and I may need to let out our Holywell 1st floor flat for a while due to a career opportunity. We instructed a Holywell conveyancing firm in 2001 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Some leases for properties in Holywell do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
My wife and I purchased a leasehold flat in Holywell. Conveyancing and Platform Home Loans Ltd mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Holywell who acted for me is not around.Any advice?
The first thing you should do is make enquiries of HMLR to be sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Holywell conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I've recently bought a leasehold flat in Holywell. Do I have any liability for service charges for periods before 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 work for a long established estate agency in Holywell where we have experienced a few leasehold sales derailed as a result of short leases. I have received conflicting advice from local Holywell conveyancing firms. Please can you clarify whether the vendor of a flat can initiate 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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is 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.
I purchased a 2 bed flat in Holywell, conveyancing having been completed in 2000. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Holywell with an extended lease are worth £227,000. The average or mid-range amount of ground rent is £45 levied per year. The lease expires on 21st October 2089
With 67 years unexpired we estimate the price of your lease extension to be between £11,400 and £13,200 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
Other Topics