Questions and Answers: Cottenham leasehold conveyancing
I only have 62 years unexpired on my flat in Cottenham. I now wish to extend my lease but my landlord is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to locate the freeholder. For most situations an enquiry agent would be useful to try and locate and to produce a report which can be used as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the vesting order request to the County Court covering Cottenham.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Cottenham. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Cottenham ?
The majority of houses in Cottenham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Cottenham in which case you should be shopping around for a Cottenham conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor will report to you on the legal implications.
My wife and I purchased a leasehold house in Cottenham. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in Cottenham who acted for me is not around.What should I do?
The first thing you should do is contact HMLR to make sure that this person is indeed the new freeholder. There is no need to instruct a Cottenham conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Completion in due on the disposal of our £250000 flat in Cottenham next week. The managing agents has quoted £420 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Cottenham?
Cottenham conveyancing on leasehold apartments usually necessitates the purchaser’s solicitor submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to respond to such questions the majority will be willing to do so. They may charge a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge demanded by the landlord must be sent together with a synopsis of entitlements and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
What makes a Cottenham lease problematic?
Leasehold conveyancing in Cottenham is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the building
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Norwich and Peterborough Building Society, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
I inherited a 1 bedroom flat in Cottenham, conveyancing was carried out in 1997. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Cottenham with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease terminates on 21st October 2080
You have 57 years left to run we estimate the price of your lease extension to span between £27,600 and £31,800 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.