HIPs for leasehold properties has the identical compulsory HIP documents as for freehold HIPs. However, they must also include some additional documents.
If a property is leasehold it means that the property is for sale but the land the property is built on is not. A buyer may have to pay ground rent to the freeholder and other service charges. If you have a share of freehold you still need a leasehold HIP.
A HIP for a leasehold property must contain all the standard compulsory HIP documents but one needs to add to the HIP a copy of the lease. If there’s a delay getting a copy of the lease ( for example it has been lost ), it can be added to the HIP after the property goes on the market, However, it has to be added to the HIP within 28 days of the property being marketed.
Although it not compulsory, Fridaysmove can also include ( at additional cost ) other leasehold HIP documents ( all of which would normally be required later on in the conveyancing services ) such as:
- summaries or statement of maintenance or service charges covering the previous 36 months
- the most recent requests for payment of service charges, ground rent, insurance against damage for the building in which the property is situated
- details of personal injury insurance claimed because of the building or an event that took place in the building, during the 12-month period before marketing began
- details of the current or proposed landlord or any managing agent
- any regulations or rules that apply to the property that aren't mentioned in the lease and any proposed amendments ( although these should be disclosed by the seller in any event in the Property Information Questionnaire )
- summary of any major works being undertaken or proposed that will affect the property
Leasehold documents should be in the possession of the seller, the landlord or manager of a building. If lost or mislaid, a conveyancing lawyer should be able to get copies from the landlord or manager. However, you may have to pay a fee.
If the property is registered, one can apply to the Land Registry to obtain an official, court-admissible copy of the lease (along with the associated fee – currently £20).