Queen's Park leasehold conveyancing Example Support Desk Enquiries
Having had my offer accepted I require leasehold conveyancing in Queen's Park. Before diving in I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and 99.9% are in Queen's Park - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I’m about to sell my garden flat in Queen's Park.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – what should I do?
It best that you discharge the invoice 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 unless 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. This will smooth the conveyancing process.
I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Queen's Park. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
Most houses in Queen's Park are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. it is apparent that you are purchasing in Queen's Park so you should seriously consider looking for a Queen's Park conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer will appraise you on the various issues.
I am looking at a couple of flats in Queen's Park which have about 50 years left on the lease term. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As the lease shortens the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area
Following months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Queen's Park. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the LVT to make a decision on the premium.
An example of a Freehold Enfranchisement case for a Queen's Park residence 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 affected 2 flats. The the unexpired term as at the valuation date was 70.02 years.
In relation to leasehold conveyancing in Queen's Park what are the most common lease problems?
Leasehold conveyancing in Queen's Park is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements 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
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Chelsea Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
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