I am hoping to exchange soon on a ground floor flat in Bootle. Conveyancing solicitors inform me that they will have a report out to me on Monday. 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, landlord

Setting out your rights in respect of common areas in the block.For example, does the lease contain a right of way over an accessway or staircase?

Will you be prohibited or prevented from having pets in the property?

Does the lease prevent you from renting out the flat, or working from home

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 For details of the information to be included in your report on your leasehold property in Bootle please ask your solicitor in advance of your conveyancing in Bootle

I am tempted by the attractive purchase price for a two flats in Bootle both have in the region of 50 years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Bootle is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive 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 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 Bootle 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.

What are your top tips when it comes to choosing a Bootle conveyancing practice to deal with our lease extension?

If you are instructing a property lawyer for your lease extension (regardless if they are a Bootle conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested 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 helpful:

• What volume of lease extensions have they conducted in Bootle in the last 12 months?

What are the legal fees for lease extension work?

Can you provide any advice for leasehold conveyancing in Bootle from the perspective of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Bootle can be bypassed where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers representatives.
• Many freeholders or Management Companies in Bootle 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 information can be applied for as soon as you have 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 frustration in leasehold conveyancing in Bootle.

Some Bootle leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.

If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share certificate. Organising a replacement share certificate is often a lengthy formality and delays many a Bootle conveyancing deal. Where a new share is required, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.

You believe that you know the number of years remaining on your lease but it would be advisable verify this via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. It is therefore essential 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 property on the market for sale.

We expect to complete the sale of our £200000 garden flat in Bootle on Wednesday in a week. The management company has quoted £360 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Bootle?

For most leasehold sales in Bootle conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Addressing pre-contract enquiries
• Where consent is required before sale in Bootle
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Bootle leasehold premises is £350. For Bootle conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply the information.

Bootle Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing

Most Bootle leasehold properties will have a service charge for maintenance of the building levied on behalf of the freeholder. If you purchase the apartment you will have to pay this charge, usually quarterly throughout the year. This could differ from two or three hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all likelihood there will be a rentcharge to be met yearly, ordinarily this is not a exorbitant amount, say about £50-£100 but you should to check as occasionally it can be many hundreds of pounds. How much is the ground rent and service charge? Are any of leasehold owners in dispute over their service charge payments?

Other Topics

Lease Extensions in Bootle