Having checked my lease I have discovered that there are only Fifty years left on my lease in Bolton. I need to extend my lease but my freeholder is absent. What are my options?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order 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 have done all that could be expected to find the landlord. For most situations an enquiry agent would be useful to carry out a search and to produce an expert document which can be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Bolton.

I am attracted to a couple of maisonettes in Bolton which have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Bolton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. 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 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 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 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 appointing a Bolton conveyancing firm to deal with our lease extension?

If you are instructing 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 advise that you talk with two or three firms including non Bolton conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• How familiar is the practice with lease extension legislation?

Can you provide any advice for leasehold conveyancing in Bolton with the intention of expediting 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 request that they start to put together the leasehold documentation needed by the buyers lawyers.
• Many landlords or managing agents in Bolton levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Bolton.

We expect to complete the sale of our £450000 maisonette in Bolton in just under a week. The managing agents has quoted £360 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Bolton?

Bolton conveyancing on leasehold apartments usually involves the buyer’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be willing to assist. They are at liberty charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is £350, in some situations it is above £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration fees, without which the charge is not strictly payable. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to sell the property.

Bolton Leasehold Conveyancing - Sample of Queries Prior to buying

What is the service charge and ground rent on the flat? Make sure you investigate if the the lease contains any unreasonable restrictions in the lease. By way of example some leases prohibit pets being permitted in in a block in Bolton. If you like the apartmentin Bolton however your dog can’t make the move with you then you have a very difficult determination. Are any of leasehold owners in arrears of their service charge liability?

Other Topics

Lease Extensions in Bolton