Planning to exchange soon on a ground floor flat in Cambourne. Conveyancing lawyers have said that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

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

• The total extent of the premises. This will be the apartment itself but could also incorporate a loft or cellar if applicable.

I own a leasehold flat in Cambourne. Conveyancing and Bank of Ireland mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Cambourne who previously acted has long since retired.Do I pay?

The first thing you should do is make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Cambourne conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

Last month I purchased a leasehold property in Cambourne. Am I liable to pay service charges for periods before completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I work for a long established estate agent office in Cambourne where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have been given inconsistent advice from local Cambourne conveyancing firms. Could you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?

Provided that the seller has owned the lease 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. This means 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 has to be done before, or at the same time as 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.

What makes a Cambourne lease defective?

Leasehold conveyancing in Cambourne is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• 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 as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Virgin Money, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to withdraw.

Leasehold Conveyancing in Cambourne - Examples of Queries Prior to buying

It is important to be aware whether a new roof is being put on or some other significant cost is due shortly to be shared amongst the tenants and could well dramatically increase the the service costs or result in a one time invoice. You will want to find out as much as possible about the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to every day matters like the upkeep of the communal areas. You should not be afraid to ask other tenants what they think of their service. Finally, investigate as to the dates that the maintenance charges are due to the appropriate party and specifically what you get for your money. The best form of lease arrangement is where the freehold reversion is owned by the leaseholders. In this situation the lessees benefit from control and although a managing agent is usually employed if the building is larger than a house conversion, the managing agent is directed by the tenants.

Other Topics

Lease Extensions in Cambourne