Leasehold Conveyancing in Sawston - Get a Quote from the leasehold experts approved by your lender

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

Examples of recent questions relating to leasehold conveyancing in Sawston

I am on look out for some leasehold conveyancing in Sawston. Before I set the wheels in motion I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Sawston - 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.

I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Sawston. Conveyancing advisers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Sawston ?

The majority of houses in Sawston are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. it is apparent that you are buying in Sawston in which case you should be looking for a Sawston conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your lawyer should appraise you on the various issues.

I am attracted to a two apartments in Sawston which have approximately forty five years remaining on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Sawston is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive 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 property 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 Sawston 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.

I am employed by a long established estate agent office in Sawston where we have witnessed a number of flat sales put at risk due to short leases. I have been given inconsistent advice from local Sawston conveyancing firms. Could you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

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

  • Much of the delay in leasehold conveyancing in Sawston can be reduced where you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ representatives.
  • The majority landlords or managing agents in Sawston levy fees for providing management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Sawston.
  • Some Sawston leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a flat where a dispute is ongoing. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over rather than unresolved.
  • You believe that you know the number of years remaining on your lease but it would be advisable verify this via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I bought a studio flat in Sawston, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Comparable properties in Sawston with a long lease are worth £257,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease comes to an end on 21st October 2084

    You have 59 years left to run we estimate the premium for your lease extension to be between £21,900 and £25,200 plus costs.

    The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.

    Other Topics

    Lease Extensions in Sawston