I would like to rent out my leasehold flat in Victoria Park. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Some leases for 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 review 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 consent.

Due to exchange soon on a basement flat in Victoria Park. Conveyancing lawyers inform me that they report fully next week. Are there areas in the report that I should be focusing on?

The 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 attracted to a two maisonettes in Victoria Park both have in the region of forty five years remaining on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in Victoria Park is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and banks, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Victoria Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £200000 maisonette in Victoria Park on Tuesday in a week. The management company has quoted £372 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Victoria Park?

Victoria Park conveyancing on leasehold flats more often than not requires the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer such questions most will be content to do so. They may charge a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is above £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that one has no option but to pay whatever is demanded if you want to complete the sale of your home.

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

There is nothing unique about leasehold conveyancing in Victoria Park. All leases is drafted differently and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the premises
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Virgin Money, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

I acquired a garden flat in Victoria Park, conveyancing was carried out in 1998. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Victoria Park with a long lease are worth £238,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2086

With 61 years unexpired we estimate the premium for your lease extension to span between £20,000 and £23,000 plus legals.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues 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 before getting professional advice.

Other Topics

Lease Extensions in Victoria Park