I am on look out for some leasehold conveyancing in Bollington. Before I get started I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and most are in Bollington - then the leasehold title will always include the short particulars 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.

I am intending to rent out my leasehold flat in Bollington. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

The lease dictates the relationship between the landlord and you the flat owner; specifically, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Bollington do not prevent subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I have just appointed agents to market my 2 bed apartment in Bollington.Conveyancing solicitors are to be appointed soon but I have just received a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

The sensible thing to do is discharge the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a couple of apartments in Bollington which have approximately forty five years unexpired on the leases. should I be concerned?

There are plenty of short leases in Bollington. The lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area

If all goes to plan we aim to complete the sale of our £300000 flat in Bollington in 5 days. The managing agents has quoted £420 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Bollington?

Bollington conveyancing on leasehold flats more often than not requires the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries most will be content to do so. They are at liberty levy a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some transactions it is above £800. The administration charge levied by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration fees, otherwise the charge is not strictly payable. In reality you have little option but to pay whatever is demanded should you wish to sell the property.

Bollington Leasehold Conveyancing - Sample of Queries Prior to buying

Generally speaking the cost for major works tend not to be incorporated into the service charges, albeit that a few managing agents in Bollington ask tenants to contribute towards a reserve fund created for the specific intention of establishing a fund for larger works. How is the lease structured? You should want to discover as much as you can about the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to every day issues such as the upkeep of the common parts. Ask prospective neighbours whether they are happy with them. In conclusion, be sure you discover the dates that you are obliged pay the maintenance charge to the appropriate party and precisely what it includes.

Other Topics

Lease Extensions in Bollington