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

Get a Quote

Leasehold conveyancing in Bollington is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Bollington and next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Bollington leasehold conveyancing Example Support Desk Enquiries

I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Bollington. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Bollington are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Bollington in which case you should be shopping around for a Bollington conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should report to you on the legal implications.

I am looking at a couple of flats in Bollington both have about fifty years left on the leases. Will this present a problem?

A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the saleability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area

What advice can you give us when it comes to choosing a Bollington conveyancing firm to carry out our lease extension conveyancing?

When appointing a solicitor for lease extension works (regardless if they are a Bollington conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Bollington conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

  • If the firm is not ALEP accredited then why not?
  • What volume of lease extensions have they completed in Bollington in the last year?

    • Do you have any advice for leasehold conveyancing in Bollington from the perspective of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Bollington can be avoided where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers conveyancers.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Bollington state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord approving such alterations. If you fail to have the approvals in place you should not communicate with the landlord without contacting your solicitor before hand.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of 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 as opposed to unsettled.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share document. Obtaining a duplicate share certificate can be a lengthy formality and slows down many a Bollington home move. Where a duplicate share certificate is required, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.
  • You may think that you are aware of the number of years remaining on your lease but you should verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. In the circumstances it is important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • When it comes to leasehold conveyancing in Bollington what are the most frequent lease defects?

    Leasehold conveyancing in Bollington is not unique. All leases are individual and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts 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

    A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Mortgage Works, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to withdraw.

    I am the registered owner of a 2 bed flat in Bollington, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Bollington with a long lease are worth £242,000. The ground rent is £60 invoiced annually. The lease terminates on 21st October 2081

    With 56 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.

    The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Bollington