I am intending to rent out my leasehold apartment in East Finchley. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?

Even though your previous East Finchley conveyancing lawyer is not around you can check your lease to see if it allows you to sublet the apartment. The accepted inference is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you must seek permission via your landlord or some other party before subletting. This means that you cannot sublet without first obtaining permission. The consent should not be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord for their consent.

Estate agents have just been given the go-ahead to market my ground floor flat in East Finchley.Conveyancing lawyers have not yet been instructed but I have just had a quarterly service charge demand – Do I pay up?

It best that you discharge the invoice 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 unless 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. This will smooth the conveyancing process.

I am looking at a couple of apartments in East Finchley both have in the region of forty five years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in East Finchley is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of purchasers and banks, leases with under 75 years become less and less marketable. 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 a residence 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 You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

Can you offer any advice when it comes to finding a East Finchley conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a solicitor for lease extension works (regardless if they are a East Finchley conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with several 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 might be helpful:

• If the firm is not ALEP accredited then what is the reason?
• How many lease extensions have they carried out in East Finchley in the last year?

Can you provide any advice for leasehold conveyancing in East Finchley from the point of view of saving time on the sale process?

• A significant proportion of the frustration in leasehold conveyancing in East Finchley can be avoided where you appoint lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives.
• If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in East Finchley state that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord approving such works. If you dont have the approvals in place do not communicate with the landlord without checking with your lawyer in advance.
• A minority of East Finchley leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The 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 there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride 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 will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than ongoing.
• If you have the benefit of shareholding in the freehold, you should ensure that you are holding the original share document. Organising a re-issued share certificate can be a lengthy process and delays many a East Finchley home move. Where a reissued share certificate is needed, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.

Having spent months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in East Finchley. Can we issue an application to the Residential Property Tribunal Service?

in cases where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to calculate the price payable.

An example of a Lease Extension matter before the tribunal 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 related to 1 flat. The unexpired lease term was 56.65 years.

East Finchley Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

How many years are left on the lease? How much is the ground rent and service charge?