Guaranteed fixed fees for Leasehold Conveyancing in East Finchley

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Questions and Answers: East Finchley leasehold conveyancing

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in East Finchley. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

Most 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 assist with the conveyancing process. it is apparent that you are buying in East Finchley in which case you should be looking for a East Finchley conveyancing practitioner 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 at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your solicitor will advise you fully on all the issues.

Back In 2008, I bought a leasehold flat in East Finchley. Conveyancing and Barclays mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in East Finchley who acted for me is not around.Do I pay?

First contact the Land Registry to be sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. 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 in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I am employed by a busy estate agent office in East Finchley where we have experienced a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local East Finchley conveyancing firms. Could you clarify whether the seller of a flat can instigate the lease extension process for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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.

What are your top tips when it comes to appointing a East Finchley conveyancing firm to deal with our lease extension?

When appointing a property lawyer for lease extension works (regardless if they are a East Finchley conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you talk with two or three firms including non East Finchley conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be helpful:

  • What volume of lease extensions have they carried out in East Finchley in the last twenty four months?
  • Can they put you in touch with client in East Finchley who can give a testimonial?

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

    • Much of the delay in leasehold conveyancing in East Finchley can be bypassed where you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the buyers representatives.
    • Many freeholders or Management Companies in East Finchley levy fees for supplying management packs for a leasehold homes. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in East Finchley.
  • Some East Finchley leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unresolved.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Arranging a replacement share certificate is often a lengthy formality and delays many a East Finchley conveyancing deal. Where a new share certificate is needed, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.

    • I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a East Finchley conveyancing firm to assist?

    Most certainly. We are happy to put you in touch with a East Finchley conveyancing firm who can help.

    An example of a Lease Extension matter before the tribunal for a East Finchley flat 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.

    Other Topics

    Lease Extensions in East Finchley