Leasehold Conveyancing in Finchley - Get a Quote from the leasehold experts approved by your lender

Get a Quote

Leasehold conveyancing in Finchley is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Finchley and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Questions and Answers: Finchley leasehold conveyancing

I've found a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Finchley. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Finchley ?

Most houses in Finchley are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Finchley in which case you should be shopping around for a Finchley conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your conveyancer will report to you on the legal implications.

I work for a long established estate agent office in Finchley where we see a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received conflicting advice from local Finchley conveyancing firms. Can you confirm whether the vendor of a flat can start 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 start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 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 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 purchaser.

What are your top tips when it comes to finding a Finchley conveyancing firm to deal with our lease extension?

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

  • If the firm is not ALEP accredited then what is the reason?
  • How many lease extensions has the firm carried out in Finchley in the last 12 months?

    • Do you have any advice for leasehold conveyancing in Finchley from the perspective of expediting the sale process?

    • Much of the frustration in leasehold conveyancing in Finchley can be reduced where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers lawyers.
    • The majority landlords or managing agents in Finchley levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Finchley.
  • If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Finchley state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord acquiescing to such changes. Where you fail to have the approvals in place you should not communicate with the landlord without checking with your lawyer in the first instance.
  • If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is a current 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 particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unresolved.
  • You believe that you know the number of years left on your lease but it would be wise to double-check by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • Following months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Finchley. Can we issue an application to the Residential Property Tribunal Service?

    Where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the LVT to determine the price.

    An example of a Lease Extension decision 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 affected 1 flat. The unexpired lease term was 56.65 years.

    When it comes to leasehold conveyancing in Finchley what are the most frequent lease problems?

    There is nothing unique about leasehold conveyancing in Finchley. All leases is drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain elements of the premises
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

    Other Topics

    Lease Extensions in Finchley