Expecting to sign contracts shortly on a studio apartment in Cheltenham. Conveyancing lawyers assured me that they are sending me a report tomorrow. What should I be looking out for?

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

• The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• The total extent of the property. This will be the property itself but could also include a loft or cellar if applicable.
• Are pets allowed in the flat?
• Whether the lease restricts you from letting out the property, or having a home office for business
• Repair and maintenance of the flat

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Cheltenham. Conveyancing lawyers have are about to be instructed. Will they explain the issues?

Most houses in Cheltenham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Cheltenham so you should seriously consider shopping around for a Cheltenham conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should report to you on the legal implications.

Can you provide any top tips for leasehold conveyancing in Cheltenham with the purpose of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Cheltenham can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
• Many freeholders or Management Companies in Cheltenham levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Cheltenham.
• Some Cheltenham 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 put in hand financial (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 service charge figures so that they can pass this information on to the buyers or their lawyers.
• If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as over rather than unsettled.
• If you hold a share in a the freehold, you should make sure that you have the original share certificate. Arranging a re-issued share certificate is often a lengthy process and delays many a Cheltenham home move. If a new share certificate is necessary, you should approach the company officers or managing agents (where applicable) for this as soon as possible.

If all goes to plan we aim to complete our sale of a £ 275000 garden flat in Cheltenham next week. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Cheltenham?

Cheltenham conveyancing on leasehold apartments more often than not involves the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries the majority will be content to assist. They are at liberty invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, without which the invoice is not strictly payable. In reality you have no choice but to pay whatever is requested of you should you wish to complete the sale of your home.

Are there common defects that you come across in leases for Cheltenham properties?

There is nothing unique about leasehold conveyancing in Cheltenham. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Bank of Scotland, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

I invested in buying a 1 bedroom flat in Cheltenham, conveyancing was carried out 2000. How much will my lease extension cost? Similar properties in Cheltenham with an extended lease are worth £255,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2104

With only 78 years left to run we estimate the price of your lease extension to range between £12,400 and £14,200 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 investigations. 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 you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.