Recently asked questions relating to Victoria Park leasehold conveyancing
I would like to rent out my leasehold apartment in Victoria Park. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
A lease dictates the relationship between the landlord and you the leaseholder; specifically, it will indicate if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Victoria Park do not contain subletting altogether – such a provision would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a copy of the tenancy agreement.
Expecting to sign contracts shortly on a garden flat in Victoria Park. Conveyancing solicitors inform me that they report fully tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Victoria Park should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
Estate agents have just been given the go-ahead to market my basement apartment in Victoria Park.Conveyancing has not commenced but I have just had a half-yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Can you offer any advice when it comes to finding a Victoria Park conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Victoria Park conveyancing firm) it is imperative 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 Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:
- If they are not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in Victoria Park from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Victoria Park can be reduced if you appoint lawyers as soon as your agents start marketing the property and ask them to collate the leasehold information needed by the buyers solicitors.
- The majority freeholders or managing agents in Victoria Park charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Victoria Park.
I inherited a basement flat in Victoria Park, conveyancing formalities finalised 2010. How much will my lease extension cost? Equivalent flats in Victoria Park with a long lease are worth £182,000. The ground rent is £60 charged once a year. The lease terminates on 21st October 2073
With just 51 years left to run we estimate the price of your lease extension to be between £33,300 and £38,400 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.