Recently asked questions relating to East Finchley leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in East Finchley. Before I get started I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most 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've found a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in East Finchley. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in East Finchley ?
Most houses in East Finchley are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. it is apparent that you are buying in East Finchley in which case you should be shopping around for a East Finchley conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as obtaining the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.
What are your top tips when it comes to appointing a East Finchley conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a East Finchley conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non East Finchley conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:
- How familiar is the firm with lease extension legislation?
If all goes to plan we aim to complete the sale of our £425000 maisonette in East Finchley next Thursday . The management company has quoted £384 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in East Finchley?
East Finchley conveyancing on leasehold apartments often requires the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is not legally bound to respond to such questions the majority will be willing to do so. They are at liberty invoice a reasonable charge for responding to questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The administration charge required by the landlord must be sent together with a summary of entitlements and obligations in relation to administration fees, without which the charge is technically not due. In reality one has little option but to pay whatever is requested of you if you want to exchange contracts with the buyer.
We have reached the end of our tether 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 missing freeholder 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 Leasehold Valuation Tribunal to calculate the price payable.
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 unexpired term as at the valuation date was 56.65 years.
When it comes to leasehold conveyancing in East Finchley what are the most common lease defects?
Leasehold conveyancing in East Finchley is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the premises
- A duty to insure the building
- A provision for the recovery of money spent for the benefit of another party.
- Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, Virgin Money, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
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