Guaranteed fixed fees for Leasehold Conveyancing in Bolton

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Bolton leasehold conveyancing Example Support Desk Enquiries

Due to exchange soon on a ground floor flat in Bolton. Conveyancing lawyers inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

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

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • Does the lease prohibit wood flooring?
  • Are you allowed to have a pet in the flat?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What options are open to you if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be contained in your report on your leasehold property in Bolton please ask your solicitor in advance of your conveyancing in Bolton

    • I have just appointed agents to market my ground floor apartment in Bolton.Conveyancing has not commenced but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?

    Your conveyancing lawyer is likely to suggest that you should pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

    I work for a reputable estate agency in Bolton where we see a number of leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Bolton conveyancing firms. Please can you clarify whether the owner of a flat can instigate the lease extension formalities for the buyer?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

    Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

    Do you have any top tips for leasehold conveyancing in Bolton with the purpose of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Bolton can be avoided where you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
    • The majority landlords or managing agents in Bolton levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Bolton.
  • In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Bolton state that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord consenting to such alterations. Where you fail to have the consents to hand do not contact the landlord without checking with your lawyer first.
  • If you have had conflict with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is better to present the dispute as over as opposed to ongoing.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • What makes a Bolton lease unacceptable for security purposes?

    There is nothing unique about leasehold conveyancing in Bolton. Most leases is drafted differently and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , The Mortgage Works, and Alliance & Leicester 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, forcing the buyer to pull out.

    Bolton Leasehold Conveyancing - A selection of Queries Prior to buying

      The best form of lease arrangement is where the freehold interest is in the ownership of the leaseholders. In this arrangement the lessees benefit from control and although a managing agent is often retained where the building is bigger than a house conversion, the managing agent retained by the leaseholders. How many years are left on the lease? For many Bolton leaseholds the outlay for major works are not included within maintenance charges, albeit that a few managing agents in Bolton require leaseholders to pay into a reserve fund and this is used to offset against larger works.

    Other Topics

    Lease Extensions in Bolton