Guaranteed fixed fees for Leasehold Conveyancing in Victoria Park

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When it comes to leasehold conveyancing in Victoria Park, you will need to instruct a conveyancing practitioner with leasehold experience. Whether your mortgage company is to be Lloyds, RBS or Bradford & Bingley be sure to choose a lawyer on their panel. Feel free to use our search tool

Sample questions relating to Victoria Park leasehold conveyancing

I only have Fifty years remaining on my lease in Victoria Park. I now wish to get lease extension but my freeholder is can not be found. What options are available to me?

On the basis that 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 mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to track down the landlord. On the whole an enquiry agent may be helpful to carry out a search and prepare an expert document which can be used as evidence that the landlord can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Victoria Park.

I've found a house that seems to meet my requirements, at a reasonable price which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Victoria Park. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

Most houses in Victoria Park are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in Victoria Park in which case you should be looking for a Victoria Park conveyancing practitioner and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your solicitor should report to you on the legal implications.

I am attracted to a two maisonettes in Victoria Park both have about forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways 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 its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and lenders, 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 premises 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. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.

What are your top tips when it comes to finding a Victoria Park conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Victoria Park conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Victoria Park conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • How familiar is the practice with lease extension legislation?
  • How many lease extensions have they carried out in Victoria Park in the last 12 months?

    • Do you have any advice for leasehold conveyancing in Victoria Park with the intention of saving time on the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Victoria Park can be bypassed where you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ solicitors.
    • The majority landlords or Management Companies in Victoria Park levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Victoria Park.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Victoria Park leases often stipulate that internal structural changes or laying down wooden flooring require a licence issued by the Landlord consenting to such changes. Should you fail to have the approvals in place you should not contact the landlord without contacting your lawyer before hand.
  • Some Victoria Park leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Obtaining a re-issued share certificate is often a time consuming formality and delays many a Victoria Park home move. Where a reissued share is necessary, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later.

    • Victoria Park Leasehold Conveyancing - A selection of Questions you should ask Prior to buying

      You should be aware that where the lease has less than 80 years it will impact the marketability of the property. It is worth checking with your mortgage company that they are willing to lend given the lease term. A short lease means that you will almost definitely need a lease extension at some point and you need to have some idea of how much this would cost. For most Victoria Parklease extensions you will need to own the premises for a couple of years before you are eligible to carry out a lease extension. It would be sensible to enquire if there is anything that is prohibited in the lease. By way of example some leases prohibit pets being allowed in in a block in Victoria Park. If you love the apartmentin Victoria Park however your cat can’t live with you then you have a very hard compromise. Who are the managing agents?

    Other Topics

    Lease Extensions in Victoria Park