Fixed-fee leasehold conveyancing in Fenstanton:

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While any conveyancing practice can theoretically handle your leasehold conveyancing in Fenstanton, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Frequently asked questions relating to Fenstanton leasehold conveyancing

I am on look out for some leasehold conveyancing in Fenstanton. Before I get started I would like to find out the unexpired term of the lease.

If the lease is registered - and 99.9% are in Fenstanton - 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.

Expecting to exchange soon on a garden flat in Fenstanton. Conveyancing lawyers inform me that they are sending me a report next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Fenstanton should include some of the following:

  • You should be sent a copy of the lease
  • How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
  • Setting out your legal entitlements in respect of the communal areas in the block.For example, does the lease permit a right of way over an accessway or staircase?
  • Will you be prohibited or prevented from having pets in the property?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Changes to the flat (alterations and additions)
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Fenstanton please ask your solicitor in ahead of your conveyancing in Fenstanton

    • My wife and I purchased a leasehold house in Fenstanton. Conveyancing and Lloyds TSB Bank mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Fenstanton who acted for me is not around.Do I pay?

    The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the new freeholder. There is no need to instruct a Fenstanton conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note 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 flats in Fenstanton both have about forty five years remaining on the lease term. Will this present a problem?

    There are no two ways about it. A leasehold flat in Fenstanton is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers and lenders, leases with less than 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 property 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 Fenstanton 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.

    Can you provide any top tips for leasehold conveyancing in Fenstanton from the perspective of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Fenstanton can be reduced where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information needed by the buyers solicitors.
    • The majority freeholders or Management Companies in Fenstanton levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Fenstanton.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Fenstanton state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such changes. If you fail to have the approvals in place do not contact the landlord without contacting your solicitor in the first instance.
  • A minority of Fenstanton leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share document. Arranging a re-issued share certificate can be a time consuming process and delays many a Fenstanton home move. If a new share is needed, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.

    • Leasehold Conveyancing in Fenstanton - Examples of Queries before buying

      How many of the leaseholders are in arrears for their service charge payments? It would be sensible to find out as much as you can regarding the managing agents as they can either make your living at the property much simpler or problematic. As the proprietor of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to every day matters like the tidiness of the common parts. Don't be afraid to ask other tenants if they are happy with their service. In conclusion, be sure you discover the dates that the maintenance fees are due to the relevant party and precisely what it includes. In the main the cost for major works tend not to be included within service charges, albeit that some managing agents in Fenstanton obliged tenants to contribute towards a reserve fund and this is used to offset against larger works.

    Other Topics

    Lease Extensions in Fenstanton