A colleague suggested that if I am purchasing in Cambridgeshire I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Cambridgeshire conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about Cambridgeshire around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Cambridgeshire Education with plans and statistics, Local Amenities and other useful information regarding Cambridgeshire.
How does conveyancing in Cambridgeshire differ for newly converted properties?
Most buyers of new build or newly converted property in Cambridgeshire contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Cambridgeshire typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Cambridgeshire or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one near me in Cambridgeshire I like with a park and station in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Cambridgeshire in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage that many years may be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Can you provide any top tips for leasehold conveyancing in Cambridgeshire from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in Cambridgeshire can be avoided if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ conveyancers. If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Cambridgeshire state that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such alterations. Should you dont have the approvals in place you should not communicate with the landlord without contacting your solicitor first. You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your lawyers. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. Many freeholders or managing agents in Cambridgeshire 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 can be applied for as soon as you have 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 frustration in leasehold conveyancing in Cambridgeshire.
I own a garden flat in Cambridgeshire, conveyancing formalities finalised February 1997. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Cambridgeshire with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease terminates on 21st October 2077
With just 59 years remaining on your lease we estimate the premium for your lease extension to span between £20,900 and £24,200 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.
Is there a difference between surveying and conveyancing in Cambridgeshire?
Conveyancing - in Cambridgeshire or anywhere in England and Wales - is the legal term given to transferring legal title of property from one person to another. It therefore includes the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are purchasing and will help you find out about the condition of the building and, if there are problems, give you a powerful reason for negotiating the purchase price down or asking the seller to remedy the defects prior to you move in.