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

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When it comes to leasehold conveyancing in Bolsover, you will need to instruct a conveyancing solicitor with leasehold experience. Whether your mortgage company is to be Lloyds, Birmingham Midshires or Nationwide make sure you find a lawyer on their panel. Find a Bolsover conveyancing lawyer with our search tool

Recently asked questions relating to Bolsover leasehold conveyancing

I am in need of some leasehold conveyancing in Bolsover. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is registered - and almost all 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.

I am looking at a couple of apartments in Bolsover which have in the region of fifty years unexpired 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 marketability of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a solicitor and surveyor with experience in this arena

I've recently bought a leasehold house in Bolsover. Am I liable to pay service charges for periods before my ownership?

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. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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 reputable estate agency in Bolsover where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Bolsover conveyancing firms. Please can you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

As long as 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. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

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

  • Much of the delay in leasehold conveyancing in Bolsover can be avoided if you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers.
  • The majority freeholders or Management Companies in Bolsover levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Bolsover.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Bolsover state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord consenting to such works. Should you dont have the consents in place you should not contact the landlord without checking with your lawyer first.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share certificate. Arranging a re-issued share certificate is often a time consuming process and frustrates many a Bolsover home move. Where a new share certificate is necessary, do contact the company officers or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is below 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

    • I purchased a 2 bed flat in Bolsover, conveyancing was carried out 2010. How much will my lease extension cost? Similar properties in Bolsover with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2088

    With only 64 years unexpired we estimate the premium for your lease extension to span between £18,100 and £20,800 plus professional fees.

    The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Bolsover