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Examples of recent questions relating to leasehold conveyancing in East Finchley

I want to rent out my leasehold flat in East Finchley. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Some leases for properties in East Finchley do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.

I have just started marketing my 2 bed flat in East Finchley.Conveyancing has not commenced but I have just had a half-yearly service charge demand – Do I pay up?

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 managing agents will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.

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 the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in East Finchley. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in East Finchley ?

The majority of houses in East Finchley are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in East Finchley in which case you should be shopping around for a East Finchley conveyancing practitioner and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being 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’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer should advise you fully on all the issues.

I've recently bought a leasehold property 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).

Can you provide any top tips for leasehold conveyancing in East Finchley from the perspective of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in East Finchley can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ conveyancers.
  • The majority landlords or Management Companies in East Finchley charge for supplying management packs for a leasehold homes. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in East Finchley.
  • If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in East Finchley state that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such changes. Where you dont have the approvals to hand you should not communicate with the landlord without checking with your conveyancer in the first instance.
  • Some East Finchley leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly 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 actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a property where a dispute is unresolved. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to present the dispute as over rather than ongoing.

    • After months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in East Finchley. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to assess 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 affected 1 flat. The remaining number of years on the lease was 56.65 years.

    Other Topics

    Lease Extensions in East Finchley