Queen's Park leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Queen's Park. Before diving in I require certainty as to the unexpired term of the lease.
Assuming 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.
Expecting to exchange soon on a leasehold property in Queen's Park. Conveyancing solicitors assured me that they are sending me a report within the next couple of days. What should I be looking out for?
Your 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 informed of the importance of not letting the lease term falling below eighty years
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Queen's Park. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Queen's Park ?
Most houses in Queen's Park are freehold rather than leasehold. This is one of the situations where 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 shopping around for a Queen's Park conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority 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 landlord’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will appraise you on the various issues.
I am looking at a couple of maisonettes in Queen's Park which have about forty five years left on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Queen's Park is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most buyers and banks, leases with less than eighty years become less and less marketable. On a more positive 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 premises 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 Queen's 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
I work for a reputable estate agency in Queen's Park where we see a number of flat sales put at risk due to short leases. I have received inconsistent advice from local Queen's Park conveyancing firms. Please can you clarify whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
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 purchaser.
I have given up trying to reach an agreement for a lease extension in Queen's Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the premium.
An example of a Freehold Enfranchisement decision 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 was in relation to 2 flats. The the unexpired term as at the valuation date was 70.02 years.