Due to exchange soon on a leasehold property in Bootle. Conveyancing lawyers inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

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

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Bootle. Conveyancing solicitors have not yet been appointed. Will they explain the issues?

Most houses in Bootle are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Bootle in which case you should be looking for a Bootle conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer will report to you on the legal implications.

I am tempted by the attractive purchase price for a two apartments in Bootle which have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Bootle. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

What advice can you give us when it comes to finding a Bootle conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Bootle conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Bootle conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• How familiar is the practice with lease extension legislation?

In relation to leasehold conveyancing in Bootle what are the most common lease defects?

There is nothing unique about leasehold conveyancing in Bootle. All leases are unique and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• 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 a problem 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, Bank of Scotland, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.

I am the registered owner of a 1st floor flat in Bootle, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Bootle with an extended lease are worth £170,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease ceases on 21st October 2084

With 59 years left to run we estimate the premium for your lease extension to range between £24,700 and £28,600 as well as costs.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

Other Topics

Lease Extensions in Bootle