I am in need of some leasehold conveyancing in Cheltenham. Before diving in I would like to find out the unexpired term of the lease.

If the lease is registered - and almost all 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.

I am hoping to sign contracts shortly on a basement flat in Cheltenham. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?

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

• You should receive a copy of the lease

I have just appointed agents to market my garden flat in Cheltenham.Conveyancing lawyers have not yet been instructed but I have just received a yearly service charge demand – Do I pay up?

The sensible thing to do is clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Cheltenham. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Cheltenham ?

The majority of houses in Cheltenham are freehold and not 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 purchasing in Cheltenham in which case you should be shopping around for a Cheltenham conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will advise you fully on all the issues.

I am attracted to a two maisonettes in Cheltenham which have in the region of 50 years unexpired on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Cheltenham is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most purchasers and banks, leases with under 75 years become less and less attractive. On a more upbeat 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 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 Cheltenham 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Cheltenham Leasehold Conveyancing - A selection of Questions you should ask before buying

Make sure you investigate if the the lease includes any onerous restrictions in the lease. By way of example it is fairly common in Cheltenham leases that pets are not allowed in in a block in Cheltenham. If you love the propertyin Cheltenham however your cat can’t move with you then you will be presented with a difficult compromise. How much is the yearly service fee and ground rent? On the whole the cost for major works tend not to be included within service charges, albeit that there some managing agents in Cheltenham obliged leasehold owners to contribute towards a reserve fund and this is used to offset against larger works.

Other Topics

Lease Extensions in Cheltenham