Fixed-fee leasehold conveyancing in Victoria Park:

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Victoria Park leasehold conveyancing: Q and A’s

Expecting to exchange soon on a garden flat in Victoria Park. Conveyancing solicitors assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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
  • Are you allowed to have a pet in the flat?
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • 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 For a comprehensive list of information to be included in your report on your leasehold property in Victoria Park please enquire of your lawyer in advance of your conveyancing in Victoria Park

    • Estate agents have just been given the go-ahead to market my 2 bed flat in Victoria Park.Conveyancing lawyers have not yet been instructed but I have just received a yearly maintenance charge invoice – Do I pay up?

    Your conveyancing lawyer is likely to suggest that you should pay 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 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.

    I am looking at a couple of flats in Victoria Park which have about fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

    There are plenty of short leases in Victoria Park. The lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena

    I am employed by a reputable estate agent office in Victoria Park where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Victoria Park conveyancing solicitors. Could you confirm whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

    Provided that 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. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

    An alternative approach is to agree the lease extension with the freeholder 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.

    Do you have any top tips for leasehold conveyancing in Victoria Park from the perspective of saving time on the sale process?

    • Much of the frustration in leasehold conveyancing in Victoria Park can be bypassed if you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers representatives.
    • If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Victoria Park state that internal structural changes or installing wooden flooring necessitate a licence from the Landlord consenting to such changes. If you dont have the paperwork in place you should not contact the landlord without checking with your conveyancer first.
  • Some Victoria Park leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Organising a duplicate share certificate can be a lengthy formality and frustrates many a Victoria Park conveyancing deal. Where a duplicate share is necessary, you should approach the company officers or managing agents (if applicable) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 75 years. It is therefore important at an as soon as possible that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • I acquired a basement flat in Victoria Park, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Comparable properties in Victoria Park with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2078

    You have 55 years left to run we estimate the premium for your lease extension to range between £25,700 and £29,600 as well as costs.

    The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Victoria Park