The right-to-buy scheme enables tenants to buy their flats from Hounslow Council, with Hounslow Homes, St. Catherine's House, 2 Hanworth Road, Feltham, TW13 5AB continuing to manage the block of flats itself after purchase.
Hounslow Homes will send to the purchaser’s Conveyancing Solicitors the property management and insurance details, and service charge accounts. Hounslow Council retains the right to carry out major works to the building, including both the upkeep of electrical and elevator systems, and also more significant (and disruptive) structural works. Buyers of these formerly council-owned flats must be informed of this because each private owner will, after completion of these improvements and maintenance, be liable to pay a sum covering their proportion of the cost.
Owners have been charged over £20k for these works, though in many cases the fee which may be levied against them will be capped. Privately-owned apartment buildings may also charge resident owners for similar maintenance, but in this case the building freeholder or management company will usually include this cost in the service charge paid yearly by the flat owners into a ‘sinking fund’ This fund is intended to cover building works and similar costs affecting the whole structure, and enables residents to avoid massive one-off bills, while enjoying the same amenities.
Leasehold in Hounslow
In order for buyers to successfully apply for a mortgage, the remaining term of the lease for the property must be sufficient to comply with the lender’s requirements. Hounslow Conveyancing Solicitors are familiar with the high volume of leasehold sales and purchases in the area and across London, and will also check any outstanding arrangements for the management and insurance of the building, if the leasehold property is a flat or apartment.
Leases are granted for a specific length of time, formerly this was often 99 years. Today, many lenders will stipulate that there must be at least 70 years remaining on the lease term, and if this is not the case, that the lease must be extended. As a result of legislation on the issue, lease extensions may be arranged by serving a statutory notice on the freeholder requiring an extension of a further 90 years. Without having done this, vendors may find their property very difficult to sell, which is why instructing a Conveyancing Solicitor as soon as possible is strongly advised.
Appointing a Fridaysmove -approved Solicitor when you put your Hounslow residence on the market will enable them to advise you on both lease extensions and other matters to expedite the sale, such as arranging searches. Additionally, as a requirement to acquiring a statutory lease extension, Fridaysmove can provide a survey assessing the premium to paid.
Call our team delivering Conveyancing Solicitors in Hounslow today on 0330 660 0286, or get a Quote Online.