Finsbury Park leasehold conveyancing: Q and A’s
Having had my offer accepted I require leasehold conveyancing in Finsbury Park. Before diving in I require certainty as to the number of years remaining on the lease.
If the lease is registered - and most are in Finsbury Park - 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.
Estate agents have just been given the go-ahead to market my ground floor flat in Finsbury Park.Conveyancing solicitors are to be appointed soon but I have just had a yearly service charge invoice – Do I pay up?
It best that you discharge the service charge 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 managing agents 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.
Last month I purchased a leasehold house in Finsbury Park. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, 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).
What advice can you give us when it comes to appointing a Finsbury Park conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Finsbury Park conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with two or three firms including non Finsbury Park conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be helpful:
- If they are not ALEP accredited then what is the reason?
We expect to complete the sale of our £125000 maisonette in Finsbury Park next week. The managing agents has quoted £300 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Finsbury Park?
Finsbury Park conveyancing on leasehold apartments usually necessitates the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address these enquiries the majority will be content to do so. They may charge a reasonable administration fee for answering enquiries or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some transactions it is above £800. The management information fee required by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you if you want to sell the property.
After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Finsbury Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a Finsbury Park conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Finsbury Park flat is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case related to 1 flat. The the number of years remaining on the existing lease(s) was 71 years.