Recently asked questions relating to Cambridge leasehold conveyancing
I only have Fifty years remaining on my flat in Cambridge. I now wish to get lease extension but my freeholder is absent. What options are available to me?
If you qualify, 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 lengthened by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to find the landlord. On the whole an enquiry agent would be useful to conduct investigations and prepare an expert document to be used as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Cambridge.
I am looking at a couple of flats in Cambridge both have about fifty years remaining on the lease term. Will this present a problem?
A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. For this reason it is often a good idea to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena
I am a negotiator for a long established estate agency in Cambridge where we have experienced a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Cambridge conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
Can you provide any advice for leasehold conveyancing in Cambridge with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Cambridge can be reduced where you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the buyers solicitors.
- The majority landlords or managing agents in Cambridge levy fees for supplying management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Cambridge.
We expect to complete the sale of our £400000 apartment in Cambridge on Thursday in a week. The management company has quoted £324 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Cambridge?
Cambridge conveyancing on leasehold flats often necessitates the buyer’s lawyer submitting questions for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be willing to do so. They may levy a reasonable administration fee for answering questions 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 cases it is above £800. The administration charge demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration fees, without which the invoice is technically not due. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to complete the sale of your home.
Cambridge Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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Who is in charge of the block?
The answer will be important as a) areas can result in problems in the block as the common areas may start to deteriorate if repairs are not paid for b) if the leaseholders have an issue with the managing agents you will need to know about it
Are there any major works anticipated that will likely increase the service fees?
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