Fixed-fee leasehold conveyancing in Cotswolds:

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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Cotswolds, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in Cotswolds

Helen (my wife) and I may need to let out our Cotswolds garden flat for a while due to taking a sabbatical. We instructed a Cotswolds conveyancing firm in 2001 but they have since shut and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?

A small minority of properties in Cotswolds do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

Planning to exchange soon on a garden flat in Cotswolds. Conveyancing solicitors inform me that they report fully 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 Cotswolds should include some of the following:

  • How long the lease is You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
  • Setting out your legal entitlements in respect of the communal areas in the block.E.G., does the lease grant a right of way over an accessway or staircase?
  • You need to be told what counts as a Nuisance in the lease
  • Whether your lease has a provision for a reserve fund?
  • Repair and maintenance of the flat
  • 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 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. For details of the information to be included in your report on your leasehold property in Cotswolds please ask your conveyancer in ahead of your conveyancing in Cotswolds

    • I have just appointed agents to market my 2 bed flat in Cotswolds.Conveyancing has not commenced but I have just received a half-yearly maintenance charge demand – Do I pay up?

    Your conveyancing lawyer is likely to suggest that you should discharge 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 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am tempted by the attractive purchase price for a two flats in Cotswolds both have approximately 50 years left on the lease term. should I be concerned?

    There are no two ways about it. A leasehold apartment in Cotswolds is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and mortgage companies, leases with less than eighty 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 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.

    Do you have any top tips for leasehold conveyancing in Cotswolds from the point of view of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Cotswolds can be avoided where you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold documentation which will be required by the buyers solicitors.
    • The majority freeholders or Management Companies in Cotswolds charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Cotswolds.
  • A minority of Cotswolds 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 obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 solicitors.
  • 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 buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or settle 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 details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unsettled.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Organising a new share certificate can be a lengthy process and delays many a Cotswolds home move. Where a reissued share certificate is required, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.

    • I am the registered owner of a 1st floor flat in Cotswolds, conveyancing formalities finalised 1996. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Cotswolds with an extended lease are worth £255,000. The average or mid-range amount of ground rent is £55 levied per year. The lease terminates on 21st October 2078

    With 55 years left to run the likely cost is going to be between £32,300 and £37,400 as well as costs.

    The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Cotswolds