I only have 62 years left on my flat in Victoria Park. I now wish to extend my lease but my freeholder is can not be found. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to locate the landlord. For most situations a specialist may be useful to try and locate and prepare a report to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor both on proving the landlord’s disappearance and the application to the County Court covering Victoria Park.

I have just appointed agents to market my ground floor apartment in Victoria Park.Conveyancing has not commenced but I have just had a quarterly service charge demand – should I leave it to the buyer to sort out?

It best that you 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 management companies will not acknowledge the buyer unless 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 am attracted to a couple of apartments in Victoria Park both have in the region of 50 years left on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area

Last month I purchased a leasehold property in Victoria Park. Am I liable to pay service charges for periods before 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).

When it comes to leasehold conveyancing in Victoria Park what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Victoria Park. All leases are unique and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair 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 could have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, The Royal Bank of Scotland, and Godiva Mortgages Ltd all have very detailed requirements 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 pull out.

Victoria Park Leasehold Conveyancing - Examples of Questions you should consider before buying

The majority of Victoria Park leasehold apartments will have a service bill for maintenance of the building set by the landlord. Should you purchase the flat you will have to pay this amount, normally in instalments accross the year. This can differ from a few hundred pounds to thousands of pounds for large purpose-built blocks. In all probability there will be a rentcharge to be met yearly, this is usually not a exorbitant figure, say approximately £25-£75 but you should to check as sometimes it could be prohibitively expensive. Are there any major works in the planning that could add a premium to the maintenance charges? Is there a share of the freehold?

Other Topics

Lease Extensions in Victoria Park