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

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Cambridge leasehold conveyancing Example Support Desk Enquiries

I would like to let out my leasehold flat in Cambridge. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Notwithstanding that your previous Cambridge conveyancing solicitor is not around you can review your lease to check if you are permitted to let out the premises. The accepted inference is that if the lease is non-specific, subletting is allowed. There may be a precondition that you must obtain consent via your landlord or other appropriate person in advance of subletting. This means that you cannot sublet in the absence of first obtaining consent. Such consent is not allowed to be unreasonably turned down. If your lease does not allow you to sublet you should ask your landlord for their consent.

Estate agents have just been given the go-ahead to market my garden flat in Cambridge.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly maintenance charge demand – Do I pay up?

It best that you clear 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 managing agents will not acknowledge the buyer until 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.

I am looking at a couple of apartments in Cambridge both have in the region of forty five years left on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Cambridge is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and mortgage companies, leases with under 75 years become less and less attractive. 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 premises 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. More often than not it is possible to negotiate informally with the freeholder to extend 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.

Can you offer any advice when it comes to finding a Cambridge conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Cambridge conveyancing firm) it is imperative 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 before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be useful:

  • How experienced is the practice with lease extension legislation?
  • Can they put you in touch with client in Cambridge who can give a testimonial?

  • Do you have any top tips 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 avoided where you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers conveyancers.
    • The majority freeholders or managing agents in Cambridge charge for providing management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Cambridge.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Cambridge leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence issued by the Landlord approving such changes. Where you dont have the paperwork in place you should not contact the landlord without contacting your solicitor in advance.
  • A minority of Cambridge leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • You may think that you are aware of the number of years remaining on your lease but it would be wise to double-check via your lawyers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

  • Leasehold Conveyancing in Cambridge - Sample of Questions you should consider before buying

      Generally speaking the outlay for major works tend not to be wrapped into the maintenance charges, although some managing agents in Cambridge obliged tenants to contribute towards a reserve fund and this is used to offset against major works. What is the name of the managing agents? Best to be warned if a new roof is being put on or some other major work is due shortly to be shared by the leasehold owners and will dramatically impact the level of the maintenance fees or necessitate a specific payment.

    Other Topics

    Lease Extensions in Cambridge