Examples of recent questions relating to leasehold conveyancing in Cambridge
I am in need of some leasehold conveyancing in Cambridge. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most 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 absent. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to locate the lessor. For most situations an enquiry agent should be useful to carry out a search and to produce a report to be used as proof that the landlord can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Cambridge.
I have just started marketing my basement flat in Cambridge.Conveyancing is yet to be initiated but I have just had a half-yearly service charge demand – what should I do?
It best that you discharge 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.
If all goes to plan we aim to complete the disposal of our £400000 maisonette in Cambridge on Thursday in a week. The management company has quoted £372 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Cambridge?
Cambridge conveyancing on leasehold maisonettes often requires the buyer’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be content to assist. They are at liberty charge a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. Reality however dictates that you have little option but to pay whatever is demanded should you wish to complete the sale of your home.
What are the frequently found deficiencies that you encounter in leases for Cambridge properties?
Leasehold conveyancing in Cambridge is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- 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 primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Royal Bank of Scotland, and TSB 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, obliging the buyer to pull out.
Cambridge Leasehold Conveyancing - A selection of Queries before Purchasing
What is the service charge and ground rent on the flat?
It would be sensible to find out as much as possible about the managing agents as they can either make your living at the property much simpler or a lot more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to daily issues like the upkeep of the communal areas. Don't be shy to ask other tenants what they think of them. On a final note, find out the dates that you are obliged pay the service charge to the managing agents and precisely how they are spending the funds.
If a Cambridge lease has fewer than eighty years it will have adverse implications on the marketability of the flat. Check with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you will be required to have owned the premises for two years in order to be legally able to extend the lease.