Sample questions relating to Finsbury Park leasehold conveyancing
Looking forward to complete next month on a basement flat in Finsbury Park. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Finsbury Park should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
My wife and I purchased a leasehold house in Finsbury Park. Conveyancing and Halifax mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Finsbury Park who acted for me is not around.What should I do?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to instruct a Finsbury Park conveyancing firm to do this as it can be done on-line for a few pound. Rest assured that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am looking at a couple of apartments in Finsbury Park which have in the region of fifty years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in Finsbury Park. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena
I've recently bought a leasehold flat 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. A critical element of leasehold conveyancing for your conveyancer to be sure 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).
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £175000 flat in Finsbury Park next week. The freeholder has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Finsbury Park?
Finsbury Park conveyancing on leasehold apartments often involves the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions most will be content to do so. They are at liberty invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some situations it exceeds £800. The management information fee demanded by the landlord must be sent together with a summary of entitlements and obligations in respect of administration charges, otherwise the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is demanded if you want to sell the property.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Finsbury Park conveyancing firm to act on my behalf?
in cases where there is a missing freeholder or if there is disagreement about what the lease extension should cost, 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 assess the price payable.
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 was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 71 years.