Common questions relating to Bolton leasehold conveyancing
There are only Sixty One years remaining on my lease in Bolton. I now wish to extend my lease but my freeholder is can not be found. What should I do?
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 for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to track down the landlord. On the whole an enquiry agent would be helpful to conduct investigations and prepare a report to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s absence and the application to the County Court overseeing Bolton.
Planning to sign contracts shortly on a basement flat in Bolton. Conveyancing lawyers inform me that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Bolton should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
I am attracted to a two maisonettes in Bolton both have in the region of 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Bolton is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bolton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you offer any advice when it comes to finding a Bolton conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Bolton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Bolton conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- If they are not ALEP accredited then what is the reason?
Can you provide any top tips for leasehold conveyancing in Bolton from the perspective of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Bolton can be reduced where you instruct lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers representatives.
- In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Bolton state that internal structural changes or installing wooden flooring require a licence from the Landlord consenting to such changes. If you dont have the approvals to hand you should not communicate with the landlord without checking with your solicitor first.
Leasehold Conveyancing in Bolton - Examples of Queries Prior to buying
What prohibitions are contained in the Bolton Lease?
How much is the yearly service fee and ground rent?
Many Bolton leasehold properties will have a service bill for the upkeep of the building invoiced by the management company. If you purchase the flat you will have to pay this contribution, normally periodically during the year. This may vary from two or three hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent to be met yearly, ordinarily this is not a large amount, say about £25-£75 but you should to enquire it because sometimes it can be prohibitively expensive.