Expecting to exchange soon on a ground floor flat in Finchley. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

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

• The physical extent of the premises. This will be the flat itself but could also incorporate a loft or basement if applicable.

I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Finchley. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

Most houses in Finchley are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can help the conveyancing process. it is apparent that you are purchasing in Finchley in which case you should be shopping around for a Finchley conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your solicitor will advise you fully on all the issues.

I've recently bought a leasehold property in Finchley. Do I have any liability for 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 owner 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 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 employed by a long established estate agent office in Finchley where we see a few flat sales derailed due to short leases. I have been given inconsistent advice from local Finchley conveyancing solicitors. Can you clarify whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder 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.

Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £125000 apartment in Finchley in just under a week. The freeholder has quoted £372 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Finchley?

Finchley conveyancing on leasehold apartments normally requires the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions the majority will be willing to do so. They are entitled charge a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration fees, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is demanded if you want to sell the property.

I have tried to negotiate informally with with my landlord for a lease extension without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Finchley conveyancing firm to represent me?

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

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

Other Topics

Lease Extensions in Finchley