Cheltenham leasehold conveyancing: Q and A’s
I am on look out for some leasehold conveyancing in Cheltenham. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Cheltenham - then the leasehold title will always include the basic details 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.
Planning to complete next month on a studio apartment in Cheltenham. Conveyancing lawyers assured me that they will have a report out to me 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 Cheltenham 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 own a leasehold flat in Cheltenham. Conveyancing and Clydesdale mortgage organised. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Cheltenham who previously acted has now retired.Do I pay?
First contact the Land Registry to make sure that this person is in fact the registered owner of the freehold reversion. You do not need to instruct a Cheltenham conveyancing practitioner 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 rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a couple of flats in Cheltenham both have about 50 years left on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Cheltenham. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area
Can you offer any advice when it comes to choosing a Cheltenham conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Cheltenham conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Cheltenham conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be useful:
- Can they put you in touch with client in Cheltenham who can give a testimonial?
I purchased a 2 bed flat in Cheltenham, conveyancing formalities finalised 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Cheltenham with an extended lease are worth £203,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2095
With 74 years left to run the likely cost is going to range between £11,400 and £13,200 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on 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 concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.