Recently asked questions relating to Victoria Park leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Victoria Park. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and most are in Victoria Park - then the leasehold title will always include the basic details 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 have recently realised that I have 72 years remaining on my lease in Victoria Park. I now want to get lease extension but my landlord is absent. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to track down the landlord. On the whole an enquiry agent would be helpful to carry out a search and prepare an expert document to be used as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Victoria Park.
I've found a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Victoria Park. Conveyancing advisers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Victoria Park ?
The majority of houses in Victoria Park are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. It is clear that you are buying in Victoria Park in which case you should be looking for a Victoria Park conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer should advise you fully on all the issues.
My wife and I purchased a leasehold flat in Victoria Park. Conveyancing and Lloyds TSB Bank mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing solicitor in Victoria Park who acted for me is not around.What should I do?
First contact HMLR to be sure that this person is indeed the new freeholder. It is not necessary to instruct a Victoria Park conveyancing practitioner to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
What are your top tips when it comes to appointing a Victoria Park conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Victoria Park conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Victoria Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:
- If the firm is not ALEP accredited then why not?
Victoria Park Leasehold Conveyancing - Sample of Questions you should consider before Purchasing
Its a good idea to find out as much as possible about the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the tidiness of the common parts. Enquire of prospective neighbours whether they are happy with their management. On a final note, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money.
You should be aware if it is less than eighty years it will affect the marketability of the apartment. It is worth checking with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease sooner rather than later and it is worth finding out what this will be. For most Victoria Parklease extensions you will be required to have owned the premises for a couple of years before you are entitled to extend the lease.
Does the lease have more than 85 years left?