Victoria Park leasehold conveyancing Example Support Desk Enquiries
Due to exchange soon on a studio apartment in Victoria Park. Conveyancing solicitors assured me that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Victoria Park should include some of the following:
- You should receive a copy of the lease
I am looking at a couple of apartments in Victoria Park both have approximately 50 years left on the lease term. should I be concerned?
There are plenty of short leases in Victoria Park. The lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease reduces and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena
Last month I purchased a leasehold flat in Victoria Park. Am I liable to pay service charges relating to a period prior to completion of my purchase?
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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £375000 flat in Victoria Park next week. The management company has quoted £300 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Victoria Park?
For the majority of leasehold sales in Victoria Park conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing pre-exchange enquiries
- Where consent is required before sale in Victoria Park
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
What makes a Victoria Park lease problematic?
Leasehold conveyancing in Victoria Park is not unique. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
- A provision to repair to or maintain parts of the property
- Insurance obligations
- Clauses dealing with recovering service charges for expenditure on the building or common parts.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Norwich and Peterborough Building Society, and Platform Home Loans Ltd 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 provide security, obliging the buyer to withdraw.
Leasehold Conveyancing in Victoria Park - A selection of Questions you should ask Prior to buying
What is the name of the managing agents?
Is anyone aware of any major works on the horizon that will likely add a premium to the service fees?
Does the lease have more than 80 years unexpired?