Fixed-fee leasehold conveyancing in Holborn:

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Holborn leasehold conveyancing: Q and A’s

Planning to sign contracts shortly on a garden flat in Holborn. Conveyancing lawyers inform me that they report fully next week. What should I be looking out for?

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

  • Defining your legal entitlements in relation to common areas in the block.For example, does the lease contain a right of way over an accessway or staircase?
  • Does the lease require carpeting throughout thus preventing wood flooring?
  • 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
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • 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
  • What you can do if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Holborn please ask your conveyancer in advance of your conveyancing in Holborn

    • I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Holborn. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Holborn ?

    The majority of houses in Holborn are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Holborn so you should seriously consider looking for a Holborn conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should advise you fully on all the issues.

    I work for a long established estate agency in Holborn where we have experienced a few flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Holborn conveyancing firms. Please can you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. 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 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 buyer.

    Can you offer any advice when it comes to appointing a Holborn conveyancing firm to carry out our lease extension conveyancing?

    If you are instructing a solicitor for your lease extension (regardless if they are a Holborn conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Holborn conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

    • How familiar is the firm with lease extension legislation?
  • How many lease extensions have they completed in Holborn in the last year?

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

    • Much of the frustration in leasehold conveyancing in Holborn can be avoided where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ lawyers.
    • Many landlords or Management Companies in Holborn 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 as soon as you have 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 reason for delay in leasehold conveyancing in Holborn.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Holborn leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Where you dont have the paperwork in place you should not communicate with the landlord without contacting your solicitor in advance.
  • A minority of Holborn leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you hold a share in a the freehold, you should make sure that you have the original share certificate. Obtaining a duplicate share certificate can be a lengthy process and delays many a Holborn home move. Where a new share certificate is needed, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.

    • Having spent years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Holborn. Can we issue an application to the Residential Property Tribunal Service?

    Most definitely. We can put you in touch with a Holborn conveyancing firm who can help.

    An example of a Lease Extension case for a Holborn residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The the unexpired residue of the current lease was 66.8 years.

    Other Topics

    Lease Extensions in Holborn