Is Your Lease Eligible for an Exemption?
From 2 December 2019 transferees of state leasehold property in Queensland may be exempt from the requirement to apply for the chief executive’s approval before lodging their Transfer Form 1 to transfer their property.
The Department of Natural Resources, Mines and Energy (DNRME) has today recorded administrative advices on eligible titles pursuant to section 322AA of the Land Title Act 1994. This exemption applies to the majority of residential, commercial and primary production leases. The change could save landowners potentially hundreds of dollars in application fees and well as save time in waiting for consent to be obtained.
The exemption will however not apply where the transferring party in a transaction is a mortgagee in possession, a mortgagee exercising a power of sale, or an appointed receiver/manager must still obtain approval for a transfer. These transferees will still need to follow the current process of seeking chief executive approval prior to lodging your Transfer Form 1.
How can you find out if your property is exempt?
You will need to conduct a current title search on your property to determine whether the relevant administrative advice has been recorded. If an administrative advice has not been recorded you will need to follow the existing lease transfer process.
Please contact our commercial and property team here at Creevey Russell Lawyers to discuss if you are unsure how this change affects you or your property transaction.