Top Five Questions relating to Cambridge leasehold conveyancing
Due to exchange soon on a leasehold property in Cambridge. Conveyancing solicitors have said that they will have a report out to me on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Cambridge 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
What advice can you give us when it comes to appointing a Cambridge conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Cambridge conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with several firms including non Cambridge conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- How familiar is the practice with lease extension legislation?
Do you have any top tips for leasehold conveyancing in Cambridge with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Cambridge can be reduced if you get in touch lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers solicitors.
- Many landlords or Management Companies in Cambridge charge for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Cambridge.
If all goes to plan we aim to complete our sale of a £475000 maisonette in Cambridge next Friday . The landlords agents has quoted £420 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Cambridge?
Cambridge conveyancing on leasehold apartments often necessitates the purchaser’s solicitor submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be content to assist. They may charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it exceeds £800. The management information fee demanded by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to sell the property.
What makes a Cambridge lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Cambridge. All leases is drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the property
- Insurance obligations
- 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
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Bank of Scotland, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.
I own a 1 bedroom flat in Cambridge, conveyancing formalities finalised in 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Cambridge with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease runs out on 21st October 2093
You have 72 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.