I am on look out for some leasehold conveyancing in Gamlingay. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Gamlingay - 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.

Looking forward to sign contracts shortly on a garden flat in Gamlingay. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Gamlingay should include some of the following:

• The physical extent of the property. This will be the property itself but could also include a roof space or basement if applicable.
• Are pets allowed in the flat?
• You need to be told what counts as a Nuisance in the lease
• Whether your lease has a provision for a reserve fund?
• You should have a good understanding of the insurance provisions
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
• What options are open to you if a neighbour is in violation of a provision in their lease?

I have just started marketing my ground floor apartment in Gamlingay.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge demand – what should I do?

It best that you clear 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 management companies 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 employed by a reputable estate agent office in Gamlingay where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Gamlingay conveyancing solicitors. Could you confirm whether the seller of a flat can commence the lease extension formalities for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

What makes a Gamlingay lease problematic?

Leasehold conveyancing in Gamlingay is not unique. All leases are unique and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the premises
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Virgin Money, and Barclays Direct 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 grant the mortgage, obliging the purchaser to pull out.

I invested in buying a 1 bedroom flat in Gamlingay, conveyancing formalities finalised 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Gamlingay with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2101

With 75 years remaining on your lease we estimate the premium for your lease extension to be between £10,500 and £12,000 plus professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.