Questions and Answers: Cambridge leasehold conveyancing
I am on look out for some leasehold conveyancing in Cambridge. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and most 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.
I’m about to sell my basement flat in Cambridge.Conveyancing is yet to be initiated but I have just received a half-yearly service charge demand – what should I do?
The sensible thing to do is pay 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 hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Cambridge. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Cambridge ?
The majority of houses in Cambridge are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Cambridge in which case you should be looking for a Cambridge conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor will appraise you on the various issues.
What are your top tips when it comes to choosing a Cambridge conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Cambridge conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Cambridge conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- If they are not ALEP accredited then what is the reason?
We expect to complete the disposal of our £125000 maisonette in Cambridge next Tuesday . The freeholder has quoted £360 for Certificate of Compliance, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Cambridge?
Cambridge conveyancing on leasehold apartments ordinarily involves fees being invoiced by landlords agents :
- Addressing pre-contract enquiries
- Where consent is required before sale in Cambridge
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I acquired a 2 bed flat in Cambridge, conveyancing was carried out in 2011. How much will my lease extension cost? Corresponding properties in Cambridge with an extended lease are worth £178,000. The average or mid-range amount of ground rent is £55 yearly. The lease finishes on 21st October 2085
With 62 years remaining on your lease the likely cost is going to range between £20,900 and £24,200 plus costs.
The suggested premium range 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. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.