I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Gamlingay. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Gamlingay ?

Most houses in Gamlingay are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Gamlingay in which case you should be shopping around for a Gamlingay conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should report to you on the legal implications.

I am tempted by the attractive purchase price for a couple of flats in Gamlingay both have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorate and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area

What are your top tips when it comes to choosing a Gamlingay conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Gamlingay conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Gamlingay conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• If the firm is not ALEP accredited then why not?
• What are the charges for lease extension conveyancing?

Can you provide any advice for leasehold conveyancing in Gamlingay from the point of view of expediting the sale process?

• Much of the delay in leasehold conveyancing in Gamlingay can be bypassed where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers.
• The majority freeholders or managing agents in Gamlingay charge for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Gamlingay.
• A minority of Gamlingay leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 solicitors.
• If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share certificate. Obtaining a re-issued share certificate can be a time consuming formality and slows down many a Gamlingay home move. If a new share is necessary, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
• You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your conveyancers. A buyer’s lawyer will be unlikely to recommend their client to where the remaining number of years is under 75 years. It is therefore important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £ 325000 apartment in Gamlingay in just under a week. The management company has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Gamlingay?

Gamlingay conveyancing on leasehold apartments usually necessitates fees being levied by freeholders :

• Addressing pre-exchange questions
• Where consent is required before sale in Gamlingay
• 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 solicitor will have no control over the level of the charges for this information but the average costs for the information for Gamlingay leasehold property is £350. For Gamlingay 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 supply answers.

I bought a 2 bed flat in Gamlingay, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable flats in Gamlingay with a long lease are worth £247,000. The ground rent is £60 invoiced every year. The lease ends on 21st October 2102

You have 76 years unexpired we estimate the price of your lease extension to range between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.