Guaranteed fixed fees for Leasehold Conveyancing in Victoria Dock

Get a Quote

Whether you are buying or selling leasehold flat in Victoria Dock, our panel of leasehold conveyancing experts will help you move with as little stress as possible. Find a Victoria Dock conveyancing lawyer with our search tool

Sample questions relating to Victoria Dock leasehold conveyancing

I am hoping to complete next month on a garden flat in Victoria Dock. Conveyancing lawyers have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?

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

  • The unexpired lease term You should be advised as what happens when the lease ends, and informed of the importance of not letting the lease term falling below eighty years
  • Are you allowed to have a pet in the flat?
  • You should be told what counts as a Nuisance in the lease
  • Whether your lease has a provision for a reserve fund?
  • You should have a good understanding of the insurance provisions
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • Responsibility for repairing the window frames For a comprehensive list of information to be included in your report on your leasehold property in Victoria Dock please ask your solicitor in ahead of your conveyancing in Victoria Dock

    • I am attracted to a couple of flats in Victoria Dock both have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?

    There is no doubt about it. A leasehold apartment in Victoria Dock is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and lenders, leases with less than eighty 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 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. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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.

    What are your top tips when it comes to appointing a Victoria Dock conveyancing firm to deal with our lease extension?

    If you are instructing a property lawyer for your lease extension (regardless if they are a Victoria Dock conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you talk with several firms including non Victoria Dock conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

    • If they are not ALEP accredited then what is the reason?
  • Can they put you in touch with client in Victoria Dock who can give a testimonial?

    • Do you have any top tips for leasehold conveyancing in Victoria Dock with the intention of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Victoria Dock can be bypassed where you appoint lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ representatives.
    • The majority freeholders or managing agents in Victoria Dock levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information sought 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.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example installed wooden flooring? Victoria Dock leases often stipulate that internal structural changes or installing wooden flooring require a licence issued by the Landlord approving such changes. If you dont have the approvals in place do not contact the landlord without checking with your solicitor before hand.
  • Some Victoria Dock leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than unsettled.

    • What makes a Victoria Dock lease problematic?

    Leasehold conveyancing in Victoria Dock is not unique. All leases are individual and drafting errors can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain elements of the premises
    • Insurance obligations
    • 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

    You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Skipton Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.

    I bought a 1st floor flat in Victoria Dock, conveyancing having been completed 1998. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Victoria Dock with an extended lease are worth £185,000. The ground rent is £60 per annum. The lease finishes on 21st October 2077

    With only 51 years remaining on your lease we estimate the premium for your lease extension to span between £36,100 and £41,800 plus costs.

    The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered 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.

    Other Topics

    Lease Extensions in Victoria Dock