Recently asked questions relating to Queensbury leasehold conveyancing
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure 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 purchasing a leasehold house in Queensbury. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Queensbury are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are buying in Queensbury so you should seriously consider looking for a Queensbury conveyancing solicitor and check that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.
Back In 2009, I bought a leasehold flat in Queensbury. Conveyancing and Nottingham Building Society mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1997. The conveyancing solicitor in Queensbury who acted for me is not around.Any advice?
The first thing you should do is make enquiries of the Land Registry to be sure that this person is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Queensbury conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of flats in Queensbury both have in the region of 50 years remaining on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena
Can you offer any advice when it comes to choosing a Queensbury conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a Queensbury conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with two or three firms including non Queensbury conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How familiar is the firm with lease extension legislation?
I am the leaseholder of a ground floor flat in Queensbury. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Absolutely. We can put you in touch with a Queensbury conveyancing firm who can help.
An example of a Lease Extension case for a Queensbury flat 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 was in relation to 1 flat. The unexpired lease term was 71.55 years.
When it comes to leasehold conveyancing in Queensbury what are the most common lease problems?
Leasehold conveyancing in Queensbury is not unique. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
- A provision to repair 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.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Coventry Building Society, and Clydesdale 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 problematic they may refuse to provide security, forcing the purchaser to withdraw.