Fixed-fee leasehold conveyancing in Finsbury:

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While any conveyancing solicitor can theoretically handle your leasehold conveyancing in Finsbury, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Examples of recent questions relating to leasehold conveyancing in Finsbury

I am in need of some leasehold conveyancing in Finsbury. Before diving in I require certainty as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Finsbury - 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’m about to sell my 2 bed flat in Finsbury.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge invoice – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I am tempted by the attractive purchase price for a couple of maisonettes in Finsbury both have in the region of forty five years left on the lease term. Will this present a problem?

There are plenty of short leases in Finsbury. The lease is a right to use the property for a period of time. As a lease shortens the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises 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 seek professional help from a solicitor and surveyor with experience in this area

I've recently bought a leasehold flat in Finsbury. Do I have any liability for service charges for periods before my ownership?

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. 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 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).

Can you provide any top tips for leasehold conveyancing in Finsbury with the aim of saving time on the sale process?

  • Much of the frustration in leasehold conveyancing in Finsbury can be bypassed where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
  • Many landlords or managing agents in Finsbury levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Finsbury.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Finsbury state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord approving such works. Where you fail to have the consents in place you should not contact the landlord without checking with your lawyer before hand.
  • Some Finsbury leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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.
  • You may think that you are aware of the number of years left on your lease but you should double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to where the lease term is below 80 years. In the circumstances it is important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • I have attempted and failed to negotiate with my landlord to extend my lease without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Finsbury conveyancing firm to represent me?

    if there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the sum to be paid.

    An example of a Lease Extension decision for a Finsbury premises is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The the unexpired term as at the valuation date was 66.8 years.