Having had my offer accepted I require leasehold conveyancing in Gloucester. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is registered - and almost all are in Gloucester - 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.

Having checked my lease I have discovered that there are only 72 years remaining on my flat in Gloucester. I need to get lease extension but my freeholder is missing. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to find the landlord. In some cases a specialist may be useful to try and locate and to produce a report which can be used as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on proving the landlord’s disappearance and the application to the County Court covering Gloucester.

I am attracted to a couple of flats in Gloucester which have in the region of forty five years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold apartment in Gloucester is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most buyers and mortgage companies, leases with under 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 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 Gloucester 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.

I work for a busy estate agency in Gloucester where we see a number of flat sales derailed due to short leases. I have been given contradictory information from local Gloucester conveyancing firms. Please can you confirm whether the vendor of a flat can start the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Can you offer any advice when it comes to choosing a Gloucester conveyancing practice to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Gloucester conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Gloucester conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

• What volume of lease extensions has the firm carried out in Gloucester in the last twenty four months?

I purchased a leasehold flat in Gloucester, conveyancing was carried out 2006. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Gloucester with over 90 years remaining are worth £202,000. The ground rent is £60 yearly. The lease comes to an end on 21st October 2083

With 58 years remaining on your lease we estimate the price of 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 renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.

Other Topics

Lease Extensions in Gloucester