Victoria Dock leasehold conveyancing: Q and A’s
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 unexpired term of the lease.
If the lease is recorded at the land registry - 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.
I am attracted to a two flats in Victoria Dock both have about 50 years left on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Victoria Dock is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and lenders, leases with less than 75 years become less and less marketable. On a more positive 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 premises 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 They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
I've recently bought a leasehold property in Victoria Dock. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation 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 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).
What are your top tips when it comes to finding a Victoria Dock conveyancing firm 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 practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Victoria Dock conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How experienced is the practice with lease extension legislation?
We expect to complete our sale of a £500000 apartment in Victoria Dock in nine days. The managing agents has quoted £396 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Victoria Dock?
Victoria Dock conveyancing on leasehold apartments nine out of ten times involves administration charges invoiced by management companies :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Victoria Dock
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I own a leasehold flat in Victoria Dock, conveyancing was carried out in 2001. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Victoria Dock with a long lease are worth £189,000. The ground rent is £65 levied per year. The lease ceases on 21st October 2085
You have 64 years remaining on your lease the likely cost is going to span between £16,200 and £18,600 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.