Looking forward to sign contracts shortly on a garden flat in Cotswolds. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?

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

• Setting out your rights in respect of the communal areas in the building.By way of example, does the lease grant a right of way over an accessway or staircase?
• Are pets allowed in the flat?
• Repair and maintenance of the flat
• Changes to the flat (alterations and additions)
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
• What options are open to you if a neighbour breach a clause of their lease?

I’m about to sell my ground floor flat in Cotswolds.Conveyancing solicitors are to be appointed soon but I have just received a quarterly service charge invoice – what should I do?

It best that you discharge 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 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. This will smooth the conveyancing process.

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Cotswolds. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Cotswolds ?

Most houses in Cotswolds are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Cotswolds in which case you should be looking for a Cotswolds conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your solicitor should appraise you on the various issues.

I am tempted by the attractive purchase price for a two maisonettes in Cotswolds which have in the region of forty five years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Cotswolds is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of purchasers and lenders, leases with less than 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 a residence 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 Cotswolds 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.

Do you have any top tips for leasehold conveyancing in Cotswolds from the perspective of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Cotswolds can be avoided if you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the purchasers’ solicitors.
• Many freeholders or managing agents in Cotswolds levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Cotswolds.
• In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Cotswolds state that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such works. Should you fail to have the approvals to hand you should not communicate with the landlord without contacting your conveyancer before hand.
• If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. 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 particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled.
• You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

I own a 1st floor flat in Cotswolds, conveyancing formalities finalised 2003. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Cotswolds with over 90 years remaining are worth £269,000. The ground rent is £60 invoiced annually. The lease finishes on 21st October 2083

You have 57 years unexpired we estimate the premium for your lease extension to range between £24,700 and £28,600 plus professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.