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Questions and Answers: Gloucester leasehold conveyancing

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.

Assuming the lease is recorded at the land registry - and 99.9% are in Gloucester - then the leasehold title will always include the short particulars 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.

Estate agents have just been given the go-ahead to market my ground floor apartment in Gloucester.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should 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.

Can you offer any advice when it comes to choosing a Gloucester conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Gloucester conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Gloucester conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

  • How many lease extensions have they carried out in Gloucester in the last twenty four months?
  • Can they put you in touch with client in Gloucester who can give a testimonial?

    • Do you have any advice for leasehold conveyancing in Gloucester from the perspective of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Gloucester can be avoided if you instruct lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
    • Some Gloucester leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The 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 purchasers or their lawyers.
  • If you have had any disputes with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge 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 particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unsettled.
  • If you hold a share in a the Management Company, you should make sure that you have the original share certificate. Obtaining a re-issued share certificate can be a lengthy formality and delays many a Gloucester conveyancing transaction. Where a reissued share is needed, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but you should verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 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 home on the market for sale.

    • What makes a Gloucester lease problematic?

    There is nothing unique about leasehold conveyancing in Gloucester. All leases are individual and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the building
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Bank of Scotland, and Bank of Ireland all have express 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 defective they may refuse to provide security, obliging the purchaser to withdraw.

    I invested in buying a ground floor flat in Gloucester, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Gloucester with an extended lease are worth £200,000. The average or mid-range amount of ground rent is £65 per annum. The lease runs out on 21st October 2076

    With 51 years left to run we estimate the premium for your lease extension to range between £30,400 and £35,200 as well as legals.

    The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Gloucester