Frequently asked questions relating to Bolton leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Bolton. Before I get started I would like to find out the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Bolton - 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.
My fiance and I may need to let out our Bolton 1st floor flat for a while due to a career opportunity. We used a Bolton conveyancing practice in 2001 but they have closed and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?
A lease governs relations between the landlord and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Bolton do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
I only have Seventy years unexpired on my flat in Bolton. I now wish to get lease extension but my freeholder is can not be found. What should I do?
If you qualify, 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 granted an extra 90 years by the magistrate. However, you will be required to prove that you have done all that could be expected to find the landlord. In some cases a specialist would be helpful to conduct investigations and to produce a report which can be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Bolton.
I am looking at a two maisonettes in Bolton both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the value of the lease decreases and it becomes more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area
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 where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
- The majority freeholders or managing agents in Bolton levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Bolton.
I bought a studio flat in Bolton, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Bolton with a long lease are worth £228,000. The average or mid-range amount of ground rent is £45 yearly. The lease ends on 21st October 2075
You have 53 years remaining on your lease the likely cost is going to be between £33,300 and £38,400 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.