Finchley leasehold conveyancing Example Support Desk Enquiries
I am in need of some leasehold conveyancing in Finchley. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and 99.9% 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.
I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Finchley. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Finchley are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are buying in Finchley so you should seriously consider shopping around for a Finchley conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your conveyancer should appraise you on the various issues.
I am looking at a two apartments in Finchley both have approximately forty five years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Finchley is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Finchley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Can you offer any advice when it comes to choosing a Finchley conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Finchley conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Finchley conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:
- How experienced is the firm with lease extension legislation?
If all goes to plan we aim to complete our sale of a £350000 apartment in Finchley next week. The management company has quoted £336 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Finchley?
Finchley conveyancing on leasehold flats typically involves administration charges raised by landlords agents :
- Completing pre-exchange questions
- Where consent is required before sale in Finchley
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
We have reached the end of our tether in trying to purchase the freehold in Finchley. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We are happy to put you in touch with a Finchley conveyancing firm who can help.
An example of a Lease Extension decision for a Finchley residence 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.