Sample questions relating to East Finchley leasehold conveyancing
I am on look out for some leasehold conveyancing in East Finchley. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in East Finchley - 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.
Frank (my husband) and I may need to rent out our East Finchley garden flat for a while due to a career opportunity. We instructed a East Finchley conveyancing practice in 2004 but they have closed and we did not have the foresight to get any advice as to whether the lease allows us to sublet. How do we find out?
Even though your last East Finchley conveyancing lawyer is no longer available you can check your lease to see if you are permitted to let out the property. The accepted inference is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you must seek consent via your landlord or some other party in advance of subletting. This means you not allowed to sublet without first obtaining permission. The consent must not not be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
My wife and I purchased a leasehold house in East Finchley. Conveyancing and Barnsley Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in East Finchley who previously acted has now retired.Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a East Finchley conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I've recently bought a leasehold house in East Finchley. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am a negotiator for a reputable estate agency in East Finchley where we have witnessed a few leasehold sales derailed as a result of short leases. I have received conflicting advice from local East Finchley conveyancing firms. Please can you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
My wife and I have hit a brick wall in trying to purchase the freehold in East Finchley. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing 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 Leasehold Valuation Tribunal to arrive at the premium.
An example of a Lease Extension case for a East Finchley residence is Ground Floor 110 Station Road in June 2013. The Tribunal found that the premium payable for a lease extension should be £31,665. This case was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 56.65 years.