I am employed by a reputable estate agent office in Cambourne where we see a number of flat sales derailed as a result of short leases. I have been given contradictory information from local Cambourne conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible 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 buyer.

What advice can you give us when it comes to appointing a Cambourne conveyancing practice to carry out our lease extension conveyancing?

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

• What volume of lease extensions have they carried out in Cambourne in the last twenty four months?

Do you have any top tips for leasehold conveyancing in Cambourne with the purpose of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Cambourne can be avoided where you appoint lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ solicitors.
• The majority freeholders or managing agents in Cambourne charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Cambourne.

Completion in due on our sale of a £300000 maisonette in Cambourne in 8 days. The landlords agents has quoted £300 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Cambourne?

Cambourne conveyancing on leasehold flats normally necessitates the purchaser’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to address these enquiries the majority will be willing to assist. They are entitled charge a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The management information fee demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in respect of administration charges, without which the invoice is not strictly payable. In reality you have little choice but to pay whatever is requested of you if you want to sell the property.

What makes a Cambourne lease unacceptable for security purposes?

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

• Repairing obligations to or maintain parts of the premises
• A duty to insure the building
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Royal Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.

I purchased a basement flat in Cambourne, conveyancing formalities finalised 2000. How much will my lease extension cost? Comparable flats in Cambourne with over 90 years remaining are worth £256,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2090

With 66 years left to run the likely cost is going to span between £13,300 and £15,400 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.

Other Topics

Lease Extensions in Cambourne