Guaranteed fixed fees for Leasehold Conveyancing in Finchley

Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Finchley, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Finchley leasehold conveyancing Example Support Desk Enquiries

Having had my offer accepted I require leasehold conveyancing in Finchley. Before I set the wheels in motion I want to be sure as to the remaining lease term.

Assuming the lease is registered - and 99.9% 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.

Having checked my lease I have discovered that there are only Fifty years remaining on my flat in Finchley. I now wish to extend my lease but my freeholder is missing. What should I do?

On the basis that you qualify, 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 granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to track down the landlord. On the whole a specialist would be helpful to conduct investigations and to produce an expert document to be used as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the vesting order request to the County Court covering Finchley.

I am looking at a two flats in Finchley which have in the region of forty five years remaining on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in 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 marketability of the property. For most buyers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 property 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 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 the agreed 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 appointing a Finchley conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Finchley conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Finchley conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be of use:

  • If the firm is not ALEP accredited then what is the reason?
  • Can they put you in touch with client in Finchley who can give a testimonial?

  • Can you provide any advice for leasehold conveyancing in Finchley with the aim of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Finchley can be bypassed if you instruct lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the buyers lawyers.
    • The majority freeholders or managing agents in Finchley levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for frustration in leasehold conveyancing in Finchley.
  • A minority of Finchley leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain 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 actual amount of the service charge so that they can pass this information on to the purchasers 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 put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or settle 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 buyers, but it is better to present the dispute as historic rather than ongoing.
  • If you have the benefit of shareholding in the Management Company, you should ensure that you are holding the original share document. Obtaining a new share certificate can be a time consuming formality and slows down many a Finchley conveyancing deal. Where a new share certificate is required, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later.

  • I am the proprietor of a garden flat in Finchley. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium due for a lease extension?

    Most certainly. 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 remaining number of years on the lease was 56.65 years.

    Other Topics

    Lease Extensions in Finchley