Having had my offer accepted I require leasehold conveyancing in East Finchley. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and almost all are in East Finchley - then the leasehold title will always include the basic details 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.

I only have Seventy years left on my flat in East Finchley. I now want to get lease extension but my landlord is missing. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. However, you will be required to demonstrate that you have done all that could be expected to find the landlord. For most situations a specialist should be helpful to try and locate and prepare a report which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering East Finchley.

I today plan to offer on a house that seems to be perfect, at a great price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in East Finchley. Conveyancing solicitors have not yet been instructed. Will they explain the issues?

The majority of houses in East Finchley are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in East Finchley so you should seriously consider looking for a East Finchley conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your lawyer will report to you on the legal implications.

Last month I purchased a leasehold property in East Finchley. Do I have any liability for service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

Do you have any top tips for leasehold conveyancing in East Finchley with the intention of expediting the sale process?

• Much of the frustration in leasehold conveyancing in East Finchley can be bypassed if you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives.
• The majority landlords or managing agents in East Finchley levy fees for providing management packs for a leasehold homes. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in East Finchley.
• Some East Finchley leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (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 service charge figures so that they can pass this information on to the buyers or their solicitors.
• If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Organising a new share certificate is often a lengthy process and slows down many a East Finchley conveyancing transaction. If a duplicate share is needed, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.
• You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your conveyancers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

My wife and I have hit a brick wall in trying to purchase the freehold in East Finchley. Can this matter be resolved via the Leasehold Valuation Tribunal?

in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the sum to be paid.

An example of a Lease Extension decision for a East Finchley property 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 unexpired residue of the current lease was 56.65 years.

East Finchley Leasehold Conveyancing - Sample of Questions you should ask Prior to buying

Who is in charge of the block? Many East Finchley leasehold properties will incur a service charge for maintenance of the block invoiced on behalf of the management company. Where you acquire the apartment you will have to meet this liability, usually periodically accross the year. This could differ from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent to be met annual, ordinarily this is not a exorbitant figure, say about £50-£100 but you need to enquire as on occasion it could be prohibitively expensive. Where a East Finchley lease has fewer than 80 years it will affect the marketability of the flat. Check with your lender that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of what this would cost. For most East Finchleylease extensions you will be required to have been the owner of the premises for 24 months before you are eligible to carry out a lease extension.