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

Assuming the lease is recorded at the land registry - and 99.9% are in Victoria - 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 only have Fifty years left on my flat in Victoria. I now wish to get lease extension but my freeholder is missing. What should I do?

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 for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to track down the freeholder. On the whole a specialist may be useful to try and locate and prepare an expert document to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court covering Victoria.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great figure which is making it all the more appealing. I have just discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Victoria. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

Most houses in Victoria 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 Victoria in which case you should be shopping around for a Victoria conveyancing practitioner and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor should appraise you on the various issues.

I am looking at a couple of apartments in Victoria both have approximately forty five years unexpired on the lease term. Do I need to be concerned?

A lease is a right to use the property for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area

I have attempted and failed to negotiate with my landlord to extend my lease without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Victoria conveyancing firm to represent me?

Most definitely. We are happy to put you in touch with a Victoria conveyancing firm who can help.

An example of a Lease Extension case for a Victoria residence is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case affected 2 flats. The the unexpired residue of the current lease was 56 years.

Are there frequently found problems that you see in leases for Victoria properties?

Leasehold conveyancing in Victoria is not unique. All leases are individual and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain elements of the premises
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Norwich and Peterborough Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.

I inherited a 1st floor flat in Victoria, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Victoria with an extended lease are worth £215,000. The ground rent is £65 levied per year. The lease ends on 21st October 2082

With 56 years left to run we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.