I only have Sixty One years remaining on my flat in Bolton. I now wish to extend my lease but my landlord is absent. 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 Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to find the lessor. In some cases an enquiry agent would be useful to carry out a search and to produce an expert document to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the application to the County Court covering Bolton.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Bolton. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

Most houses in Bolton are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Bolton in which case you should be looking for a Bolton conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.

I am attracted to a two apartments in Bolton both have about fifty years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Bolton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat 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. 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.

What are your top tips when it comes to appointing a Bolton conveyancing practice to deal with our lease extension?

When appointing a conveyancer for your lease extension (regardless if they are a Bolton conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with several firms including non Bolton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• Can they put you in touch with client in Bolton who can give a testimonial?
• What are the costs for lease extension work?

Can you provide any top tips for leasehold conveyancing in Bolton with the aim of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Bolton can be avoided if you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
• 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 Bolton state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord approving such works. Should you dont have the consents to hand do not contact the landlord without checking with your solicitor in the first instance.
• A minority of Bolton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
• If there is a history of conflict with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unsettled.
• If you have the benefit of shareholding in the freehold, you should make sure that you are holding the original share certificate. Obtaining a new share certificate is often a lengthy formality and slows down many a Bolton home move. If a duplicate share certificate is necessary, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.

Bolton Leasehold Conveyancing - Sample of Questions you should consider before Purchasing

Is anyone aware of any major works in the near future that will likely increase the service fees?