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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 across 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

Jane (my partner) and I may need to rent out our Finchley ground floor flat for a while due to taking a sabbatical. We used a Finchley conveyancing firm in 2004 but they have since shut and we did not think at the time seek any guidance as to whether the lease allows us to sublet. How do we find out?

A small minority of properties in Finchley do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming 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 and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are purchasing in Finchley so you should seriously consider looking for a Finchley conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer will report to you on the legal implications.

I am employed by a long established estate agency in Finchley where we have witnessed a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Finchley conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease 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 can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible 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.

Do you have any advice for leasehold conveyancing in Finchley with the purpose of speeding up the sale process?

  • Much of the frustration in leasehold conveyancing in Finchley can be bypassed if you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the purchasers’ solicitors.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Finchley leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord consenting to such works. Where you fail to have the approvals in place you should not communicate with the landlord without contacting your conveyancer first.
  • A minority of Finchley leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly 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 purchasers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where a dispute is ongoing. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing.
  • If you hold a share in a the Management Company, you should ensure that you have the original share document. Organising a re-issued share certificate is often a lengthy formality and delays many a Finchley home move. Where a duplicate share is required, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible.

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

    Absolutely. 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 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 related to 1 flat. The unexpired lease term was 56.65 years.

    Are there frequently found problems that you come across in leases for Finchley properties?

    There is nothing unique about leasehold conveyancing in Finchley. All leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain parts of the property
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Leeds Building Society, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

    Other Topics

    Lease Extensions in Finchley