Sample questions relating to Cottenham leasehold conveyancing
I am in need of some leasehold conveyancing in Cottenham. Before I get started I want to be sure as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% 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.
Estate agents have just been given the go-ahead to market my ground floor flat in Cottenham.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly maintenance charge invoice – Do I pay up?
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 unless 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. Having a clear account will assist your cause and will leave you no worse off financially.
I am attracted to a couple of maisonettes in Cottenham which have in the region of forty five years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Cottenham is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less marketable. 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 property 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. 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 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 the agreed 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 are your top tips when it comes to appointing a Cottenham conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Cottenham conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Cottenham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be of use:
- What volume of lease extensions has the firm carried out in Cottenham in the last year?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £200000 garden flat in Cottenham in nine days. The landlords agents has quoted £360 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Cottenham?
Cottenham conveyancing on leasehold apartments more often than not involves the purchaser’s solicitor submitting enquiries for the landlord to answer. Although the landlord is not legally bound to respond to these enquiries the majority will be content to do so. They are entitled invoice a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee required by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you if you want to complete the sale of your home.
Cottenham Leasehold Conveyancing - Sample of Queries before Purchasing
The majority of Cottenham leasehold properties will be liable to pay a service charge for the upkeep of the building invoiced on behalf of the freeholder. If you acquire the property you will have to pay this liability, usually in instalments during the year. This can vary from two or three hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent to be met yearly, ordinarily this is not a significant figure, say approximately £25-£75 but you need to enquire as on occasion it could be prohibitively expensive.
The prefered form of lease arrangement is a share of the freehold. In this arrangement the lessees have control and although a managing agent is often employed if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
Are there any major works anticipated that could increase the service fees?