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Any conveyancing solicitor can theoretically deal with your leasehold conveyancing in Finsbury, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Questions and Answers: Finsbury leasehold conveyancing

Having had my offer accepted I require leasehold conveyancing in Finsbury. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Finsbury - then the leasehold title will always include the short particulars 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 only have Fifty years left on my flat in Finsbury. I now wish to get lease extension but my freeholder is missing. What should I do?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to prove that you have done all that could be expected to find the freeholder. For most situations a specialist may be useful to conduct investigations and to produce a report to be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Finsbury.

What advice can you give us when it comes to appointing a Finsbury conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for your lease extension (regardless if they are a Finsbury conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with several firms including non Finsbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be of use:

  • How familiar is the practice with lease extension legislation?
  • How many lease extensions have they conducted in Finsbury in the last 12 months?

    • Can you provide any top tips for leasehold conveyancing in Finsbury from the point of view of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Finsbury can be avoided if you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the buyers conveyancers.
    • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Finsbury leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such works. Should you fail to have the approvals in place you should not communicate with the landlord without checking with your lawyer first.
  • 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 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 buyers or their solicitors.
  • If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle 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 are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unsettled.
  • If you are supposed to have a share in the freehold, you should make sure that you hold the original share certificate. Arranging a re-issued share certificate is often a lengthy formality and delays many a Finsbury conveyancing transaction. If a new share is needed, do contact the company director and secretary or managing agents (if applicable) for this sooner rather than later.

    • My wife and I have hit a brick wall in trying to purchase the freehold in Finsbury. Can this matter be resolved via the Leasehold Valuation Tribunal?

    Most certainly. We are happy to put you in touch with a Finsbury conveyancing firm who can help.

    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 related to 1 flat. The remaining number of years on the lease was 66.8 years.

    In relation to leasehold conveyancing in Finsbury what are the most frequent lease defects?

    There is nothing unique about leasehold conveyancing in Finsbury. Most leases are individual and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the property
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    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. Halifax, Virgin Money, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.