Examples of recent questions relating to leasehold conveyancing in Victoria Dock
Having checked my lease I have discovered that there are only 68 years unexpired on my lease in Victoria Dock. I now wish to extend my lease but my freeholder is missing. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to locate the freeholder. For most situations an enquiry agent should be useful to conduct investigations and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court overseeing Victoria Dock.
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable figure which is making it more attractive. I have subsequently found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Victoria Dock. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
The majority of houses in Victoria Dock are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Victoria Dock in which case you should be looking for a Victoria Dock conveyancing practitioner and be sure 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 with the house. The lease will likely included provisions such as obtaining the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer will report to you on the legal implications.
I've recently bought a leasehold property in Victoria Dock. Am I liable to pay service charges for periods before 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. 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 ensure 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 top tips for leasehold conveyancing in Victoria Dock from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Victoria Dock can be reduced where you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the purchasers’ conveyancers.
- The majority landlords or managing agents in Victoria Dock charge for providing management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Victoria Dock.
All being well we will complete our sale of a £250000 apartment in Victoria Dock in 10 days. The management company has quoted £360 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Victoria Dock?
Victoria Dock conveyancing on leasehold apartments more often than not involves the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions most will be content to do so. They are at liberty levy a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some transactions it is above £800. The administration charge levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. Reality however dictates that one has no option but to pay whatever is demanded should you wish to sell the property.
I own a studio flat in Victoria Dock, conveyancing having been completed 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Victoria Dock with over 90 years remaining are worth £218,000. The ground rent is £45 yearly. The lease ceases on 21st October 2073
With 53 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.