I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Bulwell. Conveyancing lawyers have are about to be appointed. Will they explain the issues?

The majority of houses in Bulwell are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Bulwell in which case you should be looking for a Bulwell conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your conveyancer will appraise you on the various issues.

Back In 2009, I bought a leasehold flat in Bulwell. Conveyancing and Barclays Direct mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Bulwell who acted for me is not around.What should I do?

First contact HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to instruct a Bulwell conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am looking at a two apartments in Bulwell both have approximately forty five years remaining on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Bulwell is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. 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 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 property 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 Bulwell 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 the agreed 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 advice can you give us when it comes to appointing a Bulwell conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Bulwell conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Bulwell conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

• If the firm is not ALEP accredited then what is the reason?

Do you have any top tips for leasehold conveyancing in Bulwell with the purpose of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in Bulwell can be bypassed where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the purchasers’ lawyers.
• Some Bulwell leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual 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 buyers or their solicitors.

I own a 1st floor flat in Bulwell, conveyancing having been completed 10 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? Corresponding properties in Bulwell with over 90 years remaining are worth £239,000. The ground rent is £65 yearly. The lease ends on 21st October 2076

With 51 years unexpired the likely cost is going to be between £33,300 and £38,400 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.

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Lease Extensions in Bulwell