Cambridge leasehold conveyancing Example Support Desk Enquiries
I am intending to let out my leasehold apartment in Cambridge. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Even though your previous Cambridge conveyancing lawyer is not available you can check your lease to check if it allows you to sublet the property. The accepted inference is that if the lease is silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to seek consent via your landlord or other appropriate person before subletting. The net result is you not allowed to sublet in the absence of prior consent. The consent should not be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord for their consent.
I work for a reputable estate agent office in Cambridge where we see a few flat sales put at risk as a result of short leases. I have been given inconsistent advice from local Cambridge conveyancing firms. Can you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
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.
What advice can you give us when it comes to finding a Cambridge conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (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 conveyancing. We suggested that you speak with several firms including non Cambridge conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:
- If they are not ALEP accredited then why not?
Do you have any advice for leasehold conveyancing in Cambridge from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Cambridge can be bypassed where you appoint lawyers as soon as you market your property and ask them to collate the leasehold documentation which will be required by the purchasers’ representatives.
- Many freeholders or managing agents in Cambridge charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. 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.
What are the common deficiencies that you witness in leases for Cambridge properties?
Leasehold conveyancing in Cambridge is not unique. Most leases are individual and drafting errors can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair to or maintain parts of the property
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
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, Bank of Scotland, and Barclays Direct 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 problematic they may refuse to provide security, obliging the purchaser to withdraw.
Leasehold Conveyancing in Cambridge - Sample of Queries Prior to Purchasing
The prefered form of lease arrangement is a share of the freehold. In this situation the lessees have control and notwithstanding that a managing agent is usually employed where it is larger than a house conversion, the managing agent acts for the leaseholders themselves.
Generally speaking the outlay for major works tend not to be wrapped into the service charges, although some managing agents in Cambridge obliged leaseholders to contribute towards a sinking fund and this is used to offset against larger repairs or maintenance.
Is there a share of the freehold?