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Frequently asked questions relating to Comberton leasehold conveyancing

Due to sign contracts shortly on a garden flat in Comberton. Conveyancing lawyers have said that they report fully on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in Comberton should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
  • The total extent of the demise. This will be the flat itself but may include a loft or cellar if applicable.
  • You should be told what constitutes a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Comberton please ask your solicitor in advance of your conveyancing in Comberton

    • I've found a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Comberton. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Comberton ?

    The majority of houses in Comberton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are buying in Comberton in which case you should be looking for a Comberton conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your solicitor will appraise you on the various issues.

    I am attracted to a couple of apartments in Comberton both have in the region of forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

    There are no two ways about it. A leasehold apartment in Comberton is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and lenders, leases with under eighty 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 a residence 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 Comberton 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.

    What advice can you give us when it comes to choosing a Comberton conveyancing practice to carry out our lease extension conveyancing?

    If you are instructing a solicitor for your lease extension (regardless if they are a Comberton conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Comberton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:

    • If the firm is not ALEP accredited then why not?
  • Can they put you in touch with client in Comberton who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in Comberton from the perspective of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Comberton can be bypassed where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers solicitors.
    • Many landlords or Management Companies in Comberton levy fees for providing management packs for a leasehold homes. 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 average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Comberton.
  • A minority of Comberton leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet 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 purchasers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share certificate. Arranging a replacement share certificate is often a time consuming formality and delays many a Comberton conveyancing transaction. If a duplicate share certificate is required, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but you should verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • Leasehold Conveyancing in Comberton - A selection of Queries Prior to buying

      Is anyone aware of any major works in the planning that will add a premium to the maintenance fees? Is there a share of the freehold? Does the lease have onerous restrictions?

    Other Topics

    Lease Extensions in Comberton