Cambourne leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Cambourne. Before I set the wheels in motion I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Cambourne - 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.
Having checked my lease I have discovered that there are only Fifty years unexpired on my lease in Cambourne. I am keen to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the landlord. For most situations an enquiry agent would be helpful to carry out a search and prepare a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court covering Cambourne.
Planning to exchange soon on a garden flat in Cambourne. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Cambourne should include some of the following:
- The length of the lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
Back In 2007, I bought a leasehold flat in Cambourne. Conveyancing and Virgin Money mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing practitioner in Cambourne who acted for me is not around.Do I pay?
First make enquiries of HMLR to be sure that this person is in fact the new freeholder. You do not need to instruct a Cambourne conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I work for a reputable estate agency in Cambourne where we see a number of leasehold sales put at risk as a result of short leases. I have received conflicting advice from local Cambourne conveyancing firms. Please can you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Leasehold Conveyancing in Cambourne - Sample of Queries before buying
For many Cambourne leaseholds the cost for major works tend not to be included within maintenance charges, albeit that some managing agents in Cambourne obliged leaseholders to contribute towards a sinking fund created for the specific intention of establishing a fund for larger works.
This question is helpful as a) areas may cause problems for the building as the communal areas may start to deteriorate if repairs remain unpaid b) if the leaseholders have an issue with the running of the building you will need to have all the details
Is there a share of the freehold?