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Questions and Answers: Sawston leasehold conveyancing

I am in need of some leasehold conveyancing in Sawston. Before I get started I would like to find out the remaining lease term.

If the lease is registered - and 99.9% are in Sawston - 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.

I have just appointed agents to market my basement apartment in Sawston.Conveyancing lawyers have not yet been instructed but I have just received a half-yearly service charge invoice – what should I do?

The sensible thing to do is discharge the service charge 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 attracted to a two apartments in Sawston both have in the region of forty five years remaining on the lease term. should I be concerned?

There are plenty of short leases in Sawston. The lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the value of the lease decreases and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena

Last month I purchased a leasehold flat in Sawston. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you provide any advice for leasehold conveyancing in Sawston with the purpose of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Sawston can be reduced if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers conveyancers.
  • If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Sawston state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such changes. If you dont have the paperwork in place you should not contact the landlord without contacting your lawyer first.
  • 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 put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying 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 solicitors.
  • If there is a history of conflict with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unsettled.
  • If you hold a share in a the freehold, you should make sure that you are holding the original share certificate. Obtaining a replacement share certificate is often a time consuming formality and slows down many a Sawston conveyancing deal. Where a new share certificate is required, do contact the company officers or managing agents (where relevant) for this sooner rather than later.

    • I am the registered owner of a ground floor flat in Sawston, conveyancing having been completed in 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Sawston with an extended lease are worth £263,000. The ground rent is £65 per annum. The lease comes to an end on 21st October 2092

    With 68 years unexpired the likely cost is going to range between £13,300 and £15,400 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 are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.

    Other Topics

    Lease Extensions in Sawston