Fixed-fee leasehold conveyancing in Bolsover:

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Common questions relating to Bolsover leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Bolsover. Before I get started I would like to find out the remaining lease term.

Assuming the lease is registered - and 99.9% are in Bolsover - then the leasehold title will always include the basic details 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.

Back In 2004, I bought a leasehold house in Bolsover. Conveyancing and HSBC Bank mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Bolsover who acted for me is not around.What should I do?

The first thing you should do is contact HMLR to be sure that this person is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Bolsover conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am tempted by the attractive purchase price for a couple of flats in Bolsover which have about forty five years left on the lease term. Will this present a problem?

There are plenty of short leases in Bolsover. The lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this arena

I work for a reputable estate agent office in Bolsover where we have experienced a number of flat sales put at risk due to short leases. I have received contradictory information from local Bolsover conveyancing firms. Could you confirm whether the vendor of a flat can commence the lease extension formalities 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible 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 purchaser.

Do you have any top tips for leasehold conveyancing in Bolsover from the perspective of expediting the sale process?

  • Much of the frustration in leasehold conveyancing in Bolsover can be bypassed where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers.
  • If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Bolsover state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such changes. Where you fail to have the consents to hand do not communicate with the landlord without contacting your conveyancer in the first instance.
  • Some Bolsover leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is a current dispute. You may need to swallow your pride 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 will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as historic rather than unsettled.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this via your conveyancers. A buyer’s lawyer will not be happy to advise their client to where the lease term is under 80 years. It is therefore important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Bolsover Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing

      Who takes charge for maintaining and repairing the block? The answer will be helpful as a) areas could result in problems for the building as the common areas may begin to deteriorate if services remain unpaid b) if the leaseholders have an issue with the managing agents you will want to have full disclosure You should want to find out as much as possible concerning the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the tidiness of the common parts. Don't be afraid to ask other people what they think of them. On a final note, find out the dates that the maintenance charges are due to the relevant party and precisely what you get for your money.

    Other Topics

    Lease Extensions in Bolsover