Planning to complete next month on a ground floor flat in Victoria Dock. 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?

Your report on title for your leasehold conveyancing in Victoria Dock should include some of the following:

• The total extent of the premises. This will be the apartment itself but could also incorporate a loft or basement if appropriate.
• You must be told what constitutes a Nuisance in the lease
• You should have a good understanding of the insurance provisions
• The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
• Responsibility for repairing the window frames
• What options are open to you if a neighbour is in violation of a provision in their lease?
• What the implications are if you breach a clause of your lease?

I’m about to sell my basement apartment in Victoria Dock.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I am tempted by the attractive purchase price for a two apartments in Victoria Dock both have in the region of 50 years remaining on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Victoria Dock is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and mortgage companies, leases with less than 75 years become less and less marketable. 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 a residence 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 Victoria Dock conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Can you offer any advice when it comes to choosing a Victoria Dock conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Victoria Dock conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with two or three firms including non Victoria Dock conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be of use:

• How many lease extensions has the firm carried out in Victoria Dock in the last 12 months?
• What are the costs for lease extension conveyancing?

In relation to leasehold conveyancing in Victoria Dock what are the most common lease problems?

Leasehold conveyancing in Victoria Dock is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that 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 parts of the property
• A duty to insure the building
• 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

A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Coventry Building Society, and Godiva Mortgages Ltd all have express 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, obliging the purchaser to withdraw.

Leasehold Conveyancing in Victoria Dock - A selection of Questions you should consider Prior to buying

Where a Victoria Dock lease has less than 80 years it will have adverse implications on the value of the property. Check with your mortgage company that they are content with the length of the lease. A short lease means that you will most likely need a lease extension sooner rather than later and it is worth discovering what this will be. Remember, in most cases you will be required to have been the owner of the residence for a couple of years in order to be legally able to exercise a lease extension.