Questions and Answers: Bolton leasehold conveyancing
I have recently realised that I have Seventy years left on my lease in Bolton. I now want 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 apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the lessor. For most situations an enquiry agent should be helpful to try and locate and to produce an expert document to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s absence and the application to the County Court overseeing Bolton.
I own a leasehold house in Bolton. Conveyancing and Alliance & Leicester mortgage went though with no issue. 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 1992. The conveyancing practitioner in Bolton who acted for me is not around.What should I do?
The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Bolton conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of flats in Bolton both have approximately 50 years left on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property 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 advise that you get professional assistance from a solicitor and surveyor with experience in this field
What are your top tips when it comes to appointing a Bolton conveyancing firm 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 speak with two or three firms including non Bolton 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 of use:
- How many lease extensions have they completed in Bolton in the last twenty four months?
Do you have any top tips for leasehold conveyancing in Bolton from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Bolton can be bypassed if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers conveyancers.
- In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Bolton leases often stipulate that internal structural alterations or addition of wooden flooring require a licence from the Landlord consenting to such alterations. Where you dont have the approvals to hand do not contact the landlord without contacting your conveyancer in advance.
I inherited a studio flat in Bolton, conveyancing having been completed 7 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Bolton with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease expires on 21st October 2070
With just 50 years unexpired we estimate the price of your lease extension to range between £40,900 and £47,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.