Recently asked questions relating to Cottenham leasehold conveyancing
I am in need of some leasehold conveyancing in Cottenham. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Cottenham - then the leasehold title will always include the basic details 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.
Expecting to exchange soon on a ground floor flat in Cottenham. Conveyancing solicitors inform me that they report fully tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Cottenham should include some of the following:
- You should receive a copy of the lease
I've found a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have just been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Cottenham. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Cottenham ?
Most houses in Cottenham are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Cottenham so you should seriously consider looking for a Cottenham conveyancing practitioner and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your solicitor will appraise you on the various issues.
My wife and I purchased a leasehold house in Cottenham. Conveyancing and Nationwide Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Cottenham who previously acted has now retired.Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Cottenham conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that regardless, even if this is the legitimate 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 which have about forty five years remaining on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this field
Leasehold Conveyancing in Cottenham - Examples of Questions you should ask Prior to buying
The answer will be important as a) areas may cause problems in the block as the communal areas may start to deteriorate where services are not paid for b) if the leaseholders have an issue with the running of the building you will wish to know about it
It is important to be aware if fixing the lift or some other major work is anticipated to be shared amongst the leasehold owners and will materially increase the the service fees or require a specific invoice.
Is anyone aware of any major works on the horizon that could increase the service costs?