Fixed-fee leasehold conveyancing in Finchley:

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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?
  • Does the lease prohibit wood flooring?
  • You need to be told what constitutes a Nuisance in the lease
  • 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.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What you can do if a neighbour breach a clause of their lease? For a comprehensive list of information to be included in your report on your leasehold property in Finchley please ask your solicitor in ahead of your conveyancing in Finchley

    • 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.
  • If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Finchley state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Where you fail to have the paperwork to hand do not contact the landlord without checking with your conveyancer first.
  • A minority of Finchley leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you hold a share in a the Management Company, you should make sure that you are holding the original share document. Arranging a replacement share certificate can be a lengthy formality and slows down many a Finchley conveyancing deal. Where a duplicate share is needed, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity.

    • 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.

    Other Topics

    Lease Extensions in Finchley