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Recently asked questions relating to Victoria Park leasehold conveyancing

My wife and I may need to rent out our Victoria Park garden flat temporarily due to a career opportunity. We used a Victoria Park conveyancing firm in 2001 but they have closed and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?

Some leases for properties in Victoria Park do contain a provision to say that subletting is only permitted with prior consent from the landlord. 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.

Expecting to complete next month on a garden flat in Victoria Park. Conveyancing lawyers assured me that they report fully on Monday. What should I be looking out for?

The report on title for your leasehold conveyancing in Victoria Park should include some of the following:

  • You should be sent a copy of the lease
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Does the lease prevent you from letting out the flat, or working from home
  • You should have a good understanding of the insurance provisions
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Victoria Park please enquire of your solicitor in advance of your conveyancing in Victoria Park

    • I own a leasehold house in Victoria Park. Conveyancing and Skipton Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Victoria Park who acted for me is not around.Do I pay?

    The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the new freeholder. There is no need to instruct a Victoria Park conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am employed by a long established estate agent office in Victoria Park where we see a number of flat sales put at risk due to short leases. I have been given conflicting advice from local Victoria Park conveyancing firms. Can you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?

    As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.

    Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

    Can you provide any top tips for leasehold conveyancing in Victoria Park from the point of view of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Victoria Park can be avoided where you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the purchasers’ lawyers.
    • Many 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 pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Victoria Park.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be warry about purchasing a property where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unresolved.
  • If you hold a share in a the Management Company, you should ensure that you have the original share document. Obtaining a replacement share certificate can be a lengthy formality and slows down many a Victoria Park conveyancing deal. Where a duplicate share certificate is needed, do contact the company officers or managing agents (where relevant) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be advisable double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I inherited a 1st floor flat in Victoria Park, conveyancing having been completed 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Victoria Park with a long lease are worth £192,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2076

    You have 51 years remaining on your lease we estimate the price of your lease extension to range between £37,100 and £42,800 as well as legals.

    The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Victoria Park