Cottenham leasehold conveyancing Example Support Desk Enquiries
Having had my offer accepted I require leasehold conveyancing in Cottenham. Before I get started I would like to find out the remaining lease term.
Assuming the lease is registered - and 99.9% are in Cottenham - 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 would like to sublet my leasehold apartment in Cottenham. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Even though your previous Cottenham conveyancing lawyer is not around you can check your lease to see if it allows you to sublet the premises. The accepted inference is that if the deeds are silent, subletting is permitted. Quite often there is a prerequisite that you are obliged to obtain consent from your landlord or other appropriate person prior to subletting. The net result is that you cannot sublet without prior consent. The consent is not allowed to be unreasonably turned down. If your lease prohibits you from subletting the property you will need to ask your landlord if they are willing to waive this restriction.
Looking forward to sign contracts shortly on a basement flat in Cottenham. Conveyancing lawyers inform me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Cottenham should include some of the following:
- You should be sent a copy of the lease
Back In 2006, I bought a leasehold house in Cottenham. Conveyancing and Norwich and Peterborough Building Society mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing solicitor in Cottenham who previously acted has now retired.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Cottenham conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am looking at a two maisonettes in Cottenham both have in the region of forty five years remaining on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Cottenham is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with under eighty years become less and less attractive. On a more positive 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 Cottenham 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Leasehold Conveyancing in Cottenham - A selection of Questions you should consider Prior to Purchasing
Best to be warned if fixing the lift or some other major work is due shortly that will be shared between the leasehold owners and may well materially increase the the service costs or necessitate a specific payment.
What prohibitions are contained in the Cottenham Lease?
Where a Cottenham lease has fewer than 80 years it will have adverse implications on the salability of the flat. Check with your mortgage company that they are willing to lend given the lease term. A short lease means that you will almost definitely require a lease extension at some point and it is worth discovering how much this would cost. For most Cottenhamlease extensions you would be required to have owned the premises for a couple of years in order to be entitled to extend the lease.