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

While any conveyancing practice can theoretically handle 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

Frequently asked questions relating to Sawston leasehold conveyancing

I wish to rent out my leasehold flat in Sawston. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

Your lease dictates relations between the freeholder and you the flat owner; specifically, it will say if subletting is banned, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. Most leases in Sawston do not contain subletting altogether – such a clause would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I only have 72 years unexpired on my flat in Sawston. I now want to get lease extension but my freeholder is missing. What are my options?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the freeholder. For most situations an enquiry agent should be useful to conduct investigations and prepare an expert document to be accepted by the court as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Sawston.

I've found a house that seems to tick a lot of boxes, 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 would have thought that there are particular concerns buying a leasehold house in Sawston. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

Most houses in Sawston are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Sawston in which case you should be looking for a Sawston conveyancing practitioner and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your conveyancer will report to you on the legal implications.

I am tempted by the attractive purchase price for a two maisonettes in Sawston which have in the region of fifty years left on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Sawston is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and mortgage companies, leases with under eighty 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 a residence 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 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.

I work for a long established estate agent office in Sawston where we have experienced a number of flat sales jeopardised due to short leases. I have been given inconsistent advice from local Sawston conveyancing solicitors. Please can you confirm whether the owner of a flat can start the lease extension process for the buyer?

Provided that 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 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 needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 purchaser.

I purchased a basement flat in Sawston, conveyancing having been completed 10 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Sawston with over 90 years remaining are worth £211,000. The ground rent is £45 per annum. The lease runs out on 21st October 2086

With just 64 years unexpired we estimate the premium for your lease extension to range between £15,200 and £17,600 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

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Lease Extensions in Sawston