Leasehold Conveyancing in Cambridge - Get a Quote from the leasehold experts approved by your lender

While any conveyancing practice can theoretically handle your leasehold conveyancing in Cambridge, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Sample questions relating to Cambridge leasehold conveyancing

I am on look out for some leasehold conveyancing in Cambridge. Before I get started I want to be sure as to the remaining lease term.

If the lease is registered - and almost all are in Cambridge - then the leasehold title will always include the short particulars 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.

There are only 62 years unexpired on my lease in Cambridge. I now wish to get lease extension but my landlord is missing. What are my options?

If 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 extended by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to find the lessor. On the whole an enquiry agent may be helpful to carry out a search and prepare an expert document to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to devolving into the landlord’s disappearance and the application to the County Court covering Cambridge.

Looking forward to exchange soon on a leasehold property in Cambridge. Conveyancing solicitors assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Cambridge should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark
  • You need to be told what constitutes a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • Whether your lease has a provision for a sinking fund?
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • What options are open to you if a neighbour is in violation of a provision in their lease? For a comprehensive list of information to be included in your report on your leasehold property in Cambridge please ask your conveyancer in advance of your conveyancing in Cambridge

  • I am tempted by the attractive purchase price for a couple of apartments in Cambridge which have about forty five years remaining on the lease term. Will this present a problem?

    There are no two ways about it. A leasehold apartment in Cambridge is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Cambridge conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    Last month I purchased a leasehold flat in Cambridge. Am I liable to pay service charges for periods before my ownership?

    Where the service charge has already been demanded from the previous lessee 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 ensure 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 bought a 1st floor flat in Cambridge, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Cambridge with over 90 years remaining are worth £268,000. The ground rent is £60 per annum. The lease finishes on 21st October 2079

    With 55 years left to run we estimate the price of your lease extension to be between £28,500 and £33,000 plus costs.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. 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. You should not move forward placing reliance on this information before getting professional advice.

    Other Topics

    Lease Extensions in Cambridge