I am in need of some leasehold conveyancing in Cambridge. Before I get started I want to be sure as to the remaining lease term.

Assuming the lease is registered - and almost all are in Cambridge - 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 want to rent out my leasehold apartment in Cambridge. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

The lease governs the relationship between the freeholder and you the leaseholder; specifically, it will set out 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 allowed. The majority of leases in Cambridge do not prevent an absolute prevention of subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.

Expecting to sign contracts shortly on a ground floor flat in Cambridge. Conveyancing lawyers have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Cambridge should include some of the following:

• The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
• You should be told what constitutes a Nuisance in the lease
• Ground rent - how much and when you need to pay, and also know whether this will change in the future
• Whether your lease has a provision for a sinking fund?
• Repair and maintenance of the flat
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.

I am tempted by the attractive purchase price for a two apartments in Cambridge both have in the region of 50 years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Cambridge is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and lenders, leases with under 75 years become less and less attractive. On a more upbeat 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 Cambridge 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 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.

What advice can you give us when it comes to choosing a Cambridge conveyancing firm to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Cambridge conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Cambridge conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

• How experienced is the practice with lease extension legislation?
• What are the costs for lease extension conveyancing?

Leasehold Conveyancing in Cambridge - Sample of Queries before Purchasing

Most Cambridge leasehold flats will have a service bill for the upkeep of the building levied by the management company. Should you purchase the property you will have to pay this contribution, normally quarterly during the year. This could be anything from several hundred pounds to thousands of pounds for large purpose-built buildings. In all likelihood there will be a ground rent for you to pay yearly, this is usually not a exorbitant sum, say approximately £25-£75 but you need to enquire as sometimes it could be many hundreds of pounds. It would be prudent to find out as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to day to day issues such as the tidiness of the communal areas. Ask prospective neighbours if they are happy with them. On a final note, be sure you know the dates that you are obliged pay the service charge to the relevant party and specifically how they are spending the funds. You should be aware that where the lease has no more than 80 years it will have adverse implications on the value of the apartment. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely need a lease extension at some point and it is worth discovering how much this would cost. Remember, in most cases you will be be obliged to have been the owner of the premises for two years before you are eligible to extend the lease.