Examples of recent questions relating to leasehold conveyancing in Cambridge
I am on look out for some leasehold conveyancing in Cambridge. Before I set the wheels in motion I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Cambridge - then the leasehold title will always include the basic details 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.
I have recently realised that I have 68 years remaining on my lease in Cambridge. I now want to get lease extension but my landlord is can not be found. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to prove that you have made all reasonable attempts to locate the freeholder. In some cases an enquiry agent may be useful to try and locate and prepare a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Cambridge.
Estate agents have just been given the go-ahead to market my basement flat in Cambridge.Conveyancing has not commenced but I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?
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 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 own a leasehold house in Cambridge. Conveyancing and Yorkshire Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Cambridge who acted for me is not around.What should I do?
The first thing you should do is contact HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Cambridge conveyancing solicitor to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am attracted to a two flats in Cambridge both have approximately fifty years left on the lease term. should I be concerned?
There are plenty of short leases in Cambridge. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the value of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field
I acquired a ground floor flat in Cambridge, conveyancing formalities finalised 1999. How much will my lease extension cost? Similar properties in Cambridge with over 90 years remaining are worth £243,000. The ground rent is £45 per annum. The lease runs out on 21st October 2100
With just 77 years unexpired we estimate the premium for your lease extension to span between £9,500 and £11,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.