Sample questions relating to East Finchley leasehold conveyancing
My fiance and I may need to let out our East Finchley basement flat for a while due to a career opportunity. We used a East Finchley conveyancing practice in 2003 but they have closed and we did not think at the time get any guidance as to whether the lease permits subletting. How do we find out?
The lease governs the relationship between the freeholder and you the leaseholder; specifically, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in East Finchley do not prevent strict prohibition on subletting – such a provision would adversely affect the market value the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a copy of the sublease.
Estate agents have just been given the go-ahead to market my garden apartment in East Finchley.Conveyancing is yet to be initiated but I have just received a quarterly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear 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 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. This will smooth the conveyancing process.
I've recently bought a leasehold house in East Finchley. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, 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 be sure 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 offer any advice when it comes to choosing a East Finchley conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a East Finchley conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non East Finchley conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be of use:
- If they are not ALEP accredited then why not?
Can you provide any advice for leasehold conveyancing in East Finchley with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in East Finchley can be bypassed if you appoint lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ solicitors.
- Many freeholders or managing agents in East Finchley charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in East Finchley.
My wife and I have hit a brick wall in trying to purchase the freehold in East Finchley. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to calculate the sum to be paid.
An example of a Lease Extension decision for a East Finchley premises 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 unexpired term was 56.65 years.