Having checked my lease I have discovered that there are only 62 years unexpired on my flat in Cotswolds. I now want to extend my lease but my landlord is missing. What options are available to me?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to locate the freeholder. In some cases an enquiry agent may be helpful to try and locate and prepare an expert document to be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Cotswolds.

Expecting to complete next month on a ground floor flat in Cotswolds. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Cotswolds 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 not letting the lease term falling below eighty years
• You should be told what constitutes a Nuisance in the lease
• Whether your lease has a provision for a reserve fund?
• You should have a good understanding of the insurance provisions
• 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
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
• What the implications are if you breach a clause of your lease?

Estate agents have just been given the go-ahead to market my 2 bed apartment in Cotswolds.Conveyancing lawyers have not yet been instructed but I have just had a yearly maintenance charge invoice – Do I pay up?

The sensible thing to do is pay the service charge 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 managing agents will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.

I am looking at a two flats in Cotswolds both have approximately forty five years remaining on the lease term. should I be concerned?

There are plenty of short leases in Cotswolds. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area

What makes a Cotswolds lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Cotswolds. All leases are unique and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain parts of the property
• Insurance obligations
• 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 may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Chelsea Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.

Leasehold Conveyancing in Cotswolds - A selection of Queries before buying

Make sure you investigate if the the lease includes any adverse restrictions in the lease. For example plenty of leases prohibit pets being allowed in in a block in Cotswolds. If you like the flatin Cotswolds yet your dog is not allowed to move with you then you have a very hard compromise. The best form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this scenario the lessees benefit from control and although a managing agent is frequently retained if the building is larger than a house conversion, the managing agent is directed by the tenants. Many Cotswolds leasehold properties will have a service bill for the upkeep of the building set by the management company. Where you buy the flat you will have to pay this charge, normally quarterly throughout the year. This may be anything from a few hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a rentcharge for you to pay yearly, this is usually not a large figure, say approximately £50-£100 but you need to enquire as on occasion it could be many hundreds of pounds.