Bolton leasehold conveyancing Example Support Desk Enquiries
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 remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Bolton - then the leasehold title will always include the short particulars 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.
I wish to sublet my leasehold apartment in Bolton. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your last Bolton conveyancing solicitor is no longer around you can review your lease to see if it allows you to sublet the premises. The rule is that if the deeds are silent, subletting is allowed. There may be a precondition that you must obtain consent from your landlord or some other party before subletting. The net result is that you cannot sublet without prior permission. The consent is not allowed to be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I am attracted to a couple of apartments in Bolton both have in the region of fifty years remaining on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Bolton is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and lenders, leases with under 75 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 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. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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.
I've recently bought a leasehold property in Bolton. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
In relation to leasehold conveyancing in Bolton what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Bolton. All leases are individual and drafting errors can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- 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
You may encounter 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. Accord Mortgages Ltd, Skipton Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.
Bolton Leasehold Conveyancing - Sample of Questions you should consider before buying
You should be aware if it is fewer than eighty years it will have adverse implications on the value of the flat. Check with your bank that they are content with the length of the lease. Leases with less than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of how much this would cost. For most Boltonlease extensions you will be required to have been the owner of the premises for a couple of years in order to be entitled to carry out a lease extension.
Generally speaking the outlay for major works tend not to be wrapped into the maintenance charges, albeit that there some managing agents in Bolton require leasehold owners to pay into a sinking fund created for the specific intention of building a fund for major repairs or maintenance.
What is the annual maintenance fee and ground rent?