Recently asked questions relating to Bolsover leasehold conveyancing
My husband and I may need to rent out our Bolsover garden flat for a while due to a career opportunity. We used a Bolsover conveyancing firm in 2004 but they have closed and we did not have the foresight to get any guidance as to whether the lease allows us to sublet. How do we find out?
Some leases for properties in Bolsover do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
There are only 72 years remaining on my lease in Bolsover. I need to extend my lease but my freeholder is can not be found. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to find the lessor. On the whole a specialist may be useful to carry out a search and to produce an expert document to be used as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Bolsover.
Expecting to sign contracts shortly on a leasehold property in Bolsover. Conveyancing solicitors inform me that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Bolsover should include some of the following:
- Setting out your rights in respect of common areas in the block.For example, does the lease include a right of way over a path or staircase?
I own a leasehold flat in Bolsover. Conveyancing and Nottingham Building Society mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Bolsover who acted for me is not around.Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Bolsover conveyancing practitioner to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
When it comes to leasehold conveyancing in Bolsover what are the most frequent lease problems?
Leasehold conveyancing in Bolsover is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- 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 primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Virgin Money, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I bought a basement flat in Bolsover, conveyancing formalities finalised 5 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Bolsover with a long lease are worth £223,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease terminates on 21st October 2075
With 50 years remaining on your lease we estimate the premium for your lease extension to range between £38,000 and £44,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
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