Top Five Questions relating to Bolsover leasehold conveyancing
I am intending to sublet my leasehold apartment in Bolsover. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Even though your previous Bolsover conveyancing lawyer is no longer around you can review your lease to see if you are permitted to let out the premises. The rule is that if the deeds are silent, subletting is allowed. There may be a precondition that you need to seek permission from your landlord or other appropriate person prior to subletting. The net result is you not allowed to sublet without first obtaining permission. Such consent should not be unreasonably refused ore delayed. If your lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.
I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Bolsover. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Bolsover ?
Most houses in Bolsover are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Bolsover in which case you should be shopping around for a Bolsover conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.
Last month I purchased a leasehold property in Bolsover. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I work for a busy estate agency in Bolsover where we have witnessed a few leasehold sales derailed as a result of short leases. I have been given contradictory information from local Bolsover conveyancing firms. Please can you clarify whether the seller of a flat can instigate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 Bolsover conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Bolsover conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Bolsover conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- Can they put you in touch with client in Bolsover who can give a testimonial?
Bolsover Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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Best to be warned if fixing the lift or some other major work is pending to be shared between the leaseholders and will dramatically increase the the maintenance charges or necessitate a one time payment.
What is the annual maintenance fee and ground rent?
Many Bolsover leasehold properties will have a service charge for maintenance of the building invoiced by the management company. Where you buy the apartment you will have to pay this liability, normally in instalments during the year. This could vary from a few hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all probability there will be a rentcharge for you to pay annual, this is usually not a exorbitant sum, say about £25-£75 but you should to enquire it because occasionally it could be prohibitively expensive.
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