Queen's Park leasehold conveyancing Example Support Desk Enquiries
Looking forward to complete next month on a garden flat in Queen's Park. Conveyancing solicitors assured me that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Queen's Park should include some of the following:
- The length of the lease term You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years
I today plan to offer on a house that seems to meet my requirements, at a reasonable price which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Queen's Park. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Queen's Park ?
The majority of houses in Queen's Park are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Queen's Park in which case you should be looking for a Queen's Park conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your conveyancer should advise you fully on all the issues.
I am tempted by the attractive purchase price for a two maisonettes in Queen's Park which have approximately fifty years left on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena
What are your top tips when it comes to finding a Queen's Park conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Queen's Park conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Queen's Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- If the firm is not ALEP accredited then why not?
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Queen's Park conveyancing firm to act on my behalf?
if there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the LVT to make a decision on the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Queen's Park flat is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case related to 2 flats. The the unexpired term as at the valuation date was 70.02 years.
What makes a Queen's Park lease problematic?
There is nothing unique about leasehold conveyancing in Queen's Park. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Mortgage Works, and Godiva Mortgages Ltd all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to withdraw.