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Leasehold conveyancing in Peterborough is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Peterborough and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Sample questions relating to Peterborough leasehold conveyancing

I am on look out for some leasehold conveyancing in Peterborough. Before diving in I require certainty as to the remaining lease term.

If the lease is registered - and almost all are in Peterborough - 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.

My husband and I may need to let out our Peterborough garden flat for a while due to a career opportunity. We used a Peterborough conveyancing firm in 2003 but they have since shut and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?

The lease governs the relationship between the freeholder and you the leaseholder; in particular, it will indicate if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Peterborough do not prevent an absolute prevention of subletting – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.

I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Peterborough. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

The majority of houses in Peterborough are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Peterborough so you should seriously consider looking for a Peterborough conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer will appraise you on the various issues.

I am attracted to a couple of maisonettes in Peterborough both have approximately forty five years left on the lease term. Do I need to be concerned?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease shortens the saleability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field

Do you have any top tips for leasehold conveyancing in Peterborough from the perspective of expediting the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Peterborough can be reduced where you appoint lawyers as soon as your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
  • Many freeholders or Management Companies in Peterborough charge for providing management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Peterborough.
  • Some Peterborough leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share certificate. Arranging a replacement share certificate is often a lengthy formality and delays many a Peterborough conveyancing transaction. If a duplicate share is needed, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but it would be wise to double-check by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Leasehold Conveyancing in Peterborough - Sample of Queries before Purchasing

      Generally speaking the outlay for major works tend not to be built into the service charges, although there some managing agents in Peterborough require leaseholders to pay into a reserve fund created for the specific intention of building a fund for major repairs or maintenance. Does the lease have in excess of 80 years left? Best to be warned if fixing the lift or some other significant cost is due shortly that will be shared by the leaseholders and will dramatically impact the level of the maintenance costs or result in a one time invoice.

    Other Topics

    Lease Extensions in Peterborough