I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it more attractive. I have just been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Fenstanton. Conveyancing advisers have are soon to be instructed. Will they explain the issues?

The majority of houses in Fenstanton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Fenstanton in which case you should be looking for a Fenstanton conveyancing practitioner and be sure that they have experience in transacting on 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 for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

I am tempted by the attractive purchase price for a couple of flats in Fenstanton which have in the region of 50 years unexpired on the leases. should I be concerned?

A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease decreases and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

Do you have any top tips for leasehold conveyancing in Fenstanton with the intention of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Fenstanton can be bypassed if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers.
• If you have carried out any alterations to the property would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Fenstanton state that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord consenting to such alterations. Should you fail to have the approvals in place you should not communicate with the landlord without checking with your conveyancer in advance.
• A minority of Fenstanton leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
• If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share document. Organising a duplicate share certificate is often a time consuming process and frustrates many a Fenstanton conveyancing transaction. If a reissued share certificate is required, you should approach the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
• You may think that you are aware of the number of years left on your lease but it would be wise to double-check by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

If all goes to plan we aim to complete the sale of our £ 125000 maisonette in Fenstanton next Wednesday . The management company has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Fenstanton?

For most leasehold sales in Fenstanton conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Answering conveyancing due diligence questions
• Where consent is required before sale in Fenstanton
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Fenstanton leasehold premises is £350. For Fenstanton conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide answers.

What makes a Fenstanton lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Fenstanton. All leases are unique and drafting errors can result in certain clauses are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the premises
• 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

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.

Fenstanton Leasehold Conveyancing - Sample of Queries Prior to buying

Its a good idea to discover as much as you can concerning the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the tidiness of the common parts. Ask other tenants what they think of their service. In conclusion, be sure you discover the dates that you are obliged pay the maintenance charge to the managing agents and precisely what you get for your money. Can you inform me if there are any major works on the horizon that will increase the service costs?