East Finchley leasehold conveyancing Example Support Desk Enquiries
I have recently realised that I have Seventy years left on my flat in East Finchley. I need to get lease extension but my freeholder is absent. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you have made all reasonable attempts to find the lessor. For most situations an enquiry agent may be useful to try and locate and to produce an expert document to be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing East Finchley.
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in East Finchley. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in East Finchley are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in East Finchley so you should seriously consider looking for a East Finchley conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.
I own a leasehold house in East Finchley. Conveyancing and Nottingham Building Society mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1993. The conveyancing solicitor in East Finchley who previously acted has long since retired.Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a East Finchley conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of maisonettes in East Finchley which have about 50 years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in East Finchley is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with East Finchley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am employed by a reputable estate agent office in East Finchley where we have experienced a number of leasehold sales derailed due to short leases. I have received contradictory information from local East Finchley conveyancing firms. Can you confirm whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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 buyer.
I am the registered owner of a two-bedroom flat in East Finchley. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to determine the price.
An example of a Lease Extension matter before the tribunal 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 affected 1 flat. The unexpired term was 56.65 years.