Leasehold Conveyancing in Canonbury - Get a Quote from the leasehold experts approved by your lender

When it comes to leasehold conveyancing in Canonbury, you will need to chose a conveyancing practitioner with leasehold experience. Whether your lender is to be Santander, Yorkshire Building Society or Nationwide be sure to choose a lawyer on their panel. Feel free to use our search tool

Questions and Answers: Canonbury leasehold conveyancing

I am on look out for some leasehold conveyancing in Canonbury. Before diving in I would like to find out the number of years remaining on the lease.

If the lease is registered - and 99.9% are in Canonbury - 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.

Planning to exchange soon on a ground floor flat in Canonbury. Conveyancing solicitors assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Canonbury should include some of the following:

  • The physical extent of the premises. This will be the property itself but could also include a roof space or basement if applicable.
  • You must be told what counts as a Nuisance in the lease
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • Whether your lease has a provision for a sinking fund?
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • Changes to the flat (alterations and additions) For a comprehensive list of information to be included in your report on your leasehold property in Canonbury please ask your conveyancer in advance of your conveyancing in Canonbury

  • I have just appointed agents to market my ground floor flat in Canonbury.Conveyancing is yet to be initiated but I have just received a yearly maintenance charge demand – what should I do?

    The sensible thing to do is pay the service charge 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 management companies 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 am tempted by the attractive purchase price for a couple of maisonettes in Canonbury both have in the region of 50 years left on the lease term. Do I need to be concerned?

    There are plenty of short leases in Canonbury. The lease is a right to use the property for a period of time. As the lease gets shorter the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this arena

    I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Canonbury conveyancing firm to act on my behalf?

    Where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to arrive at the premium.

    An example of a Lease Extension matter before the tribunal for a Canonbury premises is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case was in relation to 1 flat. The unexpired lease term was 80.5 years.

    In relation to leasehold conveyancing in Canonbury what are the most common lease defects?

    Leasehold conveyancing in Canonbury is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

    • A provision to repair 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.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Skipton Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in Canonbury