Experts for Leasehold Conveyancing in Queensbury

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While any conveyancing practice can theoretically deal with your leasehold conveyancing in Queensbury, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Queensbury leasehold conveyancing: Q and A’s

I am hoping to exchange soon on a garden flat in Queensbury. Conveyancing lawyers have said that they will have a report out to me next week. What should I be looking out for?

Your report on title for your leasehold conveyancing in Queensbury should include some of the following:

  • The total extent of the demise. This will be the flat itself but might include a loft or cellar if appropriate.
  • Setting out your legal entitlements in relation to the communal areas in the block.For instance, does the lease grant a right of way over a path or staircase?
  • Does the lease prevent you from letting out the property, or having a home office for business
  • You should have a good understanding of the insurance provisions
  • 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
  • Responsibility for repairing the window frames For details of the information to be contained in your report on your leasehold property in Queensbury please ask your solicitor in advance of your conveyancing in Queensbury

    • Back In 2005, I bought a leasehold house in Queensbury. Conveyancing and Britannia mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Queensbury who acted for me is not around.What should I do?

    First make enquiries of HMLR to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Queensbury conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

    I am tempted by the attractive purchase price for a two flats in Queensbury which have about 50 years unexpired on the leases. Will this present a problem?

    There are no two ways about it. A leasehold apartment in Queensbury is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of 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 property 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 a residence 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 Queensbury 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 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.

    Can you provide any advice for leasehold conveyancing in Queensbury from the point of view of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Queensbury can be avoided where you appoint lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
    • Many landlords or managing agents in Queensbury charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Queensbury.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Queensbury leases often stipulate that internal structural alterations or installing wooden flooring necessitate a licence from the Landlord consenting to such alterations. If you dont have the consents to hand you should not communicate with the landlord without checking with your lawyer before hand.
  • Some Queensbury leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • You believe that you know the number of years left on your lease but it would be wise to verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

    • I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Queensbury conveyancing firm to represent me?

    Most definitely. We are happy to put you in touch with a Queensbury conveyancing firm who can help.

    An example of a Lease Extension case for a Queensbury residence is 20 Orchard Court Stonegrove in June 2009. The tribunal decided that a premium of £11,040 should be payable for the new lease This case related to 1 flat. The the unexpired term as at the valuation date was 71.55 years.

    What makes a Queensbury lease unacceptable for security purposes?

    Leasehold conveyancing in Queensbury is not unique. All leases are individual and drafting errors can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • Insurance obligations
    • 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 will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Leeds Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.

    Other Topics

    Lease Extensions in Queensbury