I would like to let out my leasehold apartment in Bolton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

A lease governs the relationship between the freeholder and you the flat owner; in particular, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Bolton do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the property. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.

Due to exchange soon on a leasehold property in Bolton. Conveyancing lawyers assured me that they will have a report out to me on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Bolton should include some of the following:

• You should receive a copy of the lease

My wife and I purchased a leasehold flat in Bolton. Conveyancing and Barclays Direct mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Bolton who previously acted has long since retired.Do I pay?

The first thing you should do is contact the Land Registry to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Bolton conveyancing practitioner to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am attracted to a couple of apartments in Bolton both have in the region of forty five years remaining on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Bolton is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and lenders, leases with under 75 years become less and less marketable. 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 premises 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 premises 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. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 provide any top tips for leasehold conveyancing in Bolton from the point of view of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Bolton can be avoided if you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the buyers representatives.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Bolton state that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such alterations. Where you fail to have the approvals to hand do not communicate with the landlord without contacting your lawyer first.

I bought a split level flat in Bolton, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Bolton with an extended lease are worth £202,000. The ground rent is £60 charged once a year. The lease expires on 21st October 2090

With just 65 years remaining on your lease the likely cost is going to range between £14,300 and £16,400 plus legals.

The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

Other Topics

Lease Extensions in Bolton