Frequently asked questions relating to Bolton leasehold conveyancing
I am in need of some leasehold conveyancing in Bolton. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and most 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.
Harry (my fiance) and I may need to let out our Bolton basement flat temporarily due to taking a sabbatical. We used a Bolton conveyancing firm in 2002 but they have closed and we did not have the foresight to seek any guidance as to whether the lease permits subletting. How do we find out?
A small minority of properties in Bolton do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I own a leasehold flat in Bolton. Conveyancing and National Westminster Bank mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Bolton who acted for me is not around.Do I pay?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Bolton conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold house in Bolton. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What makes a Bolton lease defective?
There is nothing unique about leasehold conveyancing in Bolton. Most leases are unique and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain elements of the building
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Coventry Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.
I invested in buying a split level flat in Bolton, conveyancing formalities finalised 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Bolton with a long lease are worth £220,000. The ground rent is £65 yearly. The lease ends on 21st October 2077
You have 56 years left to run the likely cost is going to be between £29,500 and £34,000 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs 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 additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.