Top Five Questions relating to Victoria Dock leasehold conveyancing
I have just started marketing my garden apartment in Victoria Dock.Conveyancing lawyers have not yet been instructed but I have just had a half-yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the service charge 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 unless 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 today plan to offer on a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Victoria Dock. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Victoria Dock ?
The majority of houses in Victoria Dock are freehold rather than 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. We note that you are purchasing in Victoria Dock in which case you should be shopping around for a Victoria Dock conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’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 located on an estate. Your solicitor should appraise you on the various issues.
What advice can you give us when it comes to appointing a Victoria Dock conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for your lease extension (regardless if they are a Victoria Dock conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Victoria Dock conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:
- How many lease extensions has the firm carried out in Victoria Dock in the last year?
Can you provide any advice for leasehold conveyancing in Victoria Dock with the aim of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Victoria Dock can be bypassed where you instruct lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers.
- If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Victoria Dock state that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such works. Where you dont have the consents in place do not contact the landlord without contacting your solicitor in the first instance.
When it comes to leasehold conveyancing in Victoria Dock what are the most common lease defects?
Leasehold conveyancing in Victoria Dock is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Service charge per centages that don't add up correctly leaving a shortfall
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. Accord Mortgages Ltd, The Royal Bank of Scotland, and Clydesdale all have express conveyancing instructions 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.
I am the registered owner of a leasehold flat in Victoria Dock, conveyancing was carried out 5 years ago. How much will my lease extension cost? Similar properties in Victoria Dock with an extended lease are worth £170,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease runs out on 21st October 2090
You have 67 years remaining on your lease we estimate the price of your lease extension to range between £12,400 and £14,200 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.