Fixed-fee leasehold conveyancing in Finchley:

When it comes to leasehold conveyancing in Finchley, you will need to appoint a conveyancing lawyer with leasehold experience. Whether your lender is to be Lloyds, Yorkshire Building Society or Bradford & Bingley make sure you find a lawyer on their panel. Feel free to use our search tool

Examples of recent questions relating to leasehold conveyancing in Finchley

Looking forward to complete next month on a garden flat in Finchley. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?

The report on title for your leasehold conveyancing in Finchley should include some of the following:

  • The unexpired lease term You should be advised as what happens when the lease expires, and aware of the importance of the 80 year mark
  • Ground rent - how much and when you need to pay, and also know whether this is subject to change
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a reserve fund?
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide. For a comprehensive list of information to be contained in your report on your leasehold property in Finchley please enquire of your lawyer in advance of your conveyancing in Finchley

  • Last month I purchased a leasehold flat in Finchley. Am I liable to pay service charges relating to a period prior to completion of my purchase?

    In a situation 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

    I am a negotiator for a busy estate agent office in Finchley where we have witnessed a number of flat sales jeopardised due to short leases. I have received inconsistent advice from local Finchley conveyancing firms. Can you clarify whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?

    Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 has to be done before, or at the same time as completion of the disposal of the property.

    Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.

    Can you provide any top tips for leasehold conveyancing in Finchley with the aim of speeding up the sale process?

    • A significant proportion of the delay in leasehold conveyancing in Finchley can be avoided where you get in touch lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ lawyers.
    • In the event that you altered the property did you need the Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Finchley state that internal structural changes or addition of wooden flooring calls for a licence from the Landlord consenting to such works. Should you dont have the approvals to hand you should not communicate with the landlord without checking with your lawyer in advance.
  • A minority of Finchley leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain 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 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 conflict with your landlord or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unresolved.
  • If you are supposed to have a share in the Management Company, you should make sure that you hold the original share document. Obtaining a new share certificate is often a lengthy process and delays many a Finchley conveyancing deal. If a new share is required, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity.

  • All being well we will complete our sale of a £500000 maisonette in Finchley in just under a week. The landlords agents has quoted £420 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Finchley?

    Finchley conveyancing on leasehold flats normally involves fees being levied by freeholders :

    • Completing conveyancing due diligence enquiries
    • Where consent is required before sale in Finchley
    • Copies of the building insurance and schedule
    • Deeds of covenant upon sale
    • Registering of the assignment of the change of lessee after a sale
    Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Finchley leasehold property is £350. For Finchley conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

    I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Finchley conveyancing firm to act on my behalf?

    if there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the premium.

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

    Other Topics

    Lease Extensions in Finchley