I am in need of some leasehold conveyancing in Finsbury. Before I get started I would like to find out the unexpired term of the lease.

Assuming the lease is recorded at the land registry - and almost all 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 wish to rent out my leasehold flat in Finsbury. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

A small minority of properties in Finsbury do contain a provision to say that subletting is only permitted with prior consent from the landlord. 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.

Having checked my lease I have discovered that there are only Fifty years unexpired on my flat in Finsbury. I need to get lease extension but my landlord is missing. What options are available to me?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the landlord. In some cases an enquiry agent should be helpful to try and locate and prepare a report which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Finsbury.

I am employed by a long established estate agency in Finsbury where we have experienced a few leasehold sales derailed as a result of short leases. I have been given inconsistent advice from local Finsbury conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?

Provided that 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. This means 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 needs to be completed prior to, or simultaneously with completion of the disposal of the property.

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 buyer.

Do you have any top tips for leasehold conveyancing in Finsbury with the aim of speeding up the sale process?

• A significant proportion of the frustration in leasehold conveyancing in Finsbury can be reduced where you instruct lawyers the minute you market your property and ask them to collate the leasehold information which will be required by the purchasers’ representatives.
• If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Finsbury leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. If you fail to have the consents in place do not contact the landlord without contacting your lawyer before hand.
• A minority of Finsbury leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
• If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve 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 details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unresolved.
• If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Obtaining a new share certificate is often a lengthy formality and frustrates many a Finsbury home move. If a new share is needed, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.

I have tried to negotiate informally with with my landlord to extend my lease without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Finsbury conveyancing firm to help?

Absolutely. We can put you in touch with a Finsbury conveyancing firm who can help.

An example of a Lease Extension case for a Finsbury flat 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 number of years remaining on the existing lease(s) was 66.8 years.

I bought a 1 bedroom flat in Finsbury, conveyancing formalities finalised 1998. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Finsbury with a long lease are worth £193,000. The average or mid-range amount of ground rent is £55 per annum. The lease comes to an end on 21st October 2102

You have 76 years unexpired the likely cost is going to range between £10,500 and £12,000 as well as professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.