I am in need of some leasehold conveyancing in Finchley. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in 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 today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Finchley. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Finchley ?

The majority of houses in Finchley are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Finchley in which case you should be shopping around for a Finchley conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor should appraise you on the various issues.

I've recently bought a leasehold property in Finchley. Am I liable to pay service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, 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).

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £ 150000 flat in Finchley next week. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Finchley?

Finchley conveyancing on leasehold apartments usually necessitates the buyer’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions most will be content to assist. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the information that you are referring to is over three hundred pounds, in some cases it exceeds £800. The administration charge invoiced by the landlord must be sent together with a synopsis of rights and obligations in relation to administration charges, otherwise the charge is not strictly payable. In reality one has little option but to pay whatever is demanded should you wish to complete the sale of your home.

I am the leaseholder of a first floor flat in Finchley. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?

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

An example of a Lease Extension case for a 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 related to 1 flat. The unexpired term was 56.65 years.

Are there common problems that you come across in leases for Finchley properties?

Leasehold conveyancing in Finchley is not unique. All leases is drafted differently and drafting errors 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 property
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Maintenance charge proportions which don’t add up to the correct percentage

You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Royal Bank of Scotland, and Alliance & Leicester all have express conveyancing instructions 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 grant the mortgage, forcing the buyer to withdraw.

I purchased a ground floor flat in Finchley, conveyancing formalities finalised in 2009. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Finchley with over 90 years remaining are worth £256,000. The ground rent is £60 levied per year. The lease terminates on 21st October 2086

With just 60 years left to run we estimate the premium for your lease extension to span between £20,000 and £23,000 as well as professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.