Common questions relating to Victoria Dock leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Victoria Dock. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is registered - and almost all are in Victoria Dock - 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.
Last month I purchased a leasehold property in Victoria Dock. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part 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).
Do you have any advice for leasehold conveyancing in Victoria Dock with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Victoria Dock can be bypassed if you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers lawyers.
- Many freeholders or managing agents in Victoria Dock levy fees for supplying management packs for a leasehold homes. You or your lawyers should enquire as to 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 obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Victoria Dock.
All being well we will complete the disposal of our £275000 apartment in Victoria Dock in just under a week. The landlords agents has quoted £396 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Victoria Dock?
Victoria Dock conveyancing on leasehold maisonettes more often than not involves the buyer’s conveyancer submitting questions for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to do so. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, otherwise the charge is technically not due. Reality however dictates that one has little option but to pay whatever is requested of you should you wish to sell the property.
What makes a Victoria Dock lease defective?
Leasehold conveyancing in Victoria Dock is not unique. Most leases is drafted differently and drafting errors can result in certain provisions are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Chelsea Building Society, and TSB 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 provide security, forcing the purchaser to withdraw.
I bought a ground floor flat in Victoria Dock, conveyancing was carried out 2012. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Victoria Dock with an extended lease are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2087
With only 66 years unexpired the likely cost is going to be between £11,400 and £13,200 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.