Sample questions relating to Finchley leasehold conveyancing
I am on look out for some leasehold conveyancing in Finchley. Before diving in I would like to find out the remaining lease term.
If the lease is registered - and most 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.
Planning to exchange soon on a basement flat in Finchley. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Finchley should include some of the following:
- Setting out your legal entitlements in respect of common areas in the building.By way of example, does the lease contain a right of way over a path or hallways?
I am looking at a couple of apartments in Finchley which have in the region of forty five years left on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a solicitor and surveyor with experience in this arena
I've recently bought a leasehold house in Finchley. Am I liable to pay service charges for periods before 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. 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).
Can you provide any top tips for leasehold conveyancing in Finchley with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Finchley can be avoided where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
- The majority landlords or Management Companies in Finchley charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Finchley.
My wife and I have hit a brick wall in seeking a lease extension in Finchley. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where 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 amount due.
An example of a Lease Extension case for a Finchley property 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 the unexpired term as at the valuation date was 56.65 years.