I am on look out for some leasehold conveyancing in Victoria Park. Before I get started I would like to find out the unexpired term of the lease.

Assuming 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 just appointed agents to market my basement flat in Victoria Park.Conveyancing solicitors are to be appointed soon but I have just received a quarterly maintenance charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should discharge the service charge 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 management companies 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.

I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Victoria Park. Conveyancing lawyers have are about to be appointed. 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 conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Victoria Park in which case you should be shopping around for a Victoria Park conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.

I've recently bought a leasehold house in Victoria Park. Am I liable to pay service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous lessee 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. 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).

In relation to leasehold conveyancing in Victoria Park what are the most common lease problems?

Leasehold conveyancing in Victoria Park is not unique. Most leases is drafted differently and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• 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 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. Yorkshire Building Society, Bank of Scotland, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.

I acquired a studio flat in Victoria Park, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Victoria Park with over 90 years remaining are worth £250,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2090

With only 64 years left to run we estimate the premium for your lease extension to be between £19,000 and £22,000 as well as professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.