Sample questions relating to Cambourne leasehold conveyancing
Due to sign contracts shortly on a studio apartment in Cambourne. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Cambourne should include some of the following:
- The physical extent of the property. This will be the property itself but could also include a loft or basement if applicable.
I have just appointed agents to market my garden flat in Cambourne.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the invoice 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 management companies will not acknowledge the buyer unless 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. This will smooth the conveyancing process.
I've found a house that appears to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Cambourne. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Cambourne are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Cambourne in which case you should be looking for a Cambourne conveyancing practitioner and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
I am looking at a two maisonettes in Cambourne both have about forty five years unexpired on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the value of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field
Last month I purchased a leasehold flat in Cambourne. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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 invested in buying a ground floor flat in Cambourne, conveyancing having been completed in 2004. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Cambourne with a long lease are worth £210,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2077
With 56 years unexpired we estimate the premium for your lease extension to range between £24,700 and £28,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.