Sample questions relating to Victoria Park leasehold conveyancing
I would like to sublet my leasehold flat in Victoria Park. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
A small minority of properties in Victoria Park do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
There are only 72 years remaining on my flat in Victoria Park. I now wish to get lease extension but my landlord is absent. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply 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. However, you will be required to prove that you have made all reasonable attempts to track down the landlord. In some cases an enquiry agent may be useful to conduct investigations and to produce an expert document to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the application to the County Court covering Victoria Park.
I've recently bought a leasehold property in Victoria Park. Do I have any liability for service charges for periods before 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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 Park conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Victoria Park conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Victoria Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be of use:
- How familiar is the firm with lease extension legislation?
When it comes to leasehold conveyancing in Victoria Park what are the most frequent lease problems?
Leasehold conveyancing in Victoria Park is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain parts of the premises
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
You will 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. Birmingham Midshires, Skipton Building Society, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I invested in buying a 1st floor flat in Victoria Park, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Victoria Park with an extended lease are worth £251,000. The average or mid-range amount of ground rent is £60 levied per year. The lease expires on 21st October 2078
With only 57 years remaining on your lease we estimate the premium for your lease extension to span between £25,700 and £29,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.