Fixed-fee leasehold conveyancing in Finsbury Park:

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Top Five Questions relating to Finsbury Park leasehold conveyancing

I want to let out my leasehold flat in Finsbury Park. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for permission?

Your lease governs the relationship between the landlord and you the leaseholder; in particular, it will set out if subletting is banned, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Finsbury Park do not contain subletting altogether – such a provision would undoubtedly devalue the flat. In most cases there is a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.

I am hoping to exchange soon on a studio apartment 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, freeholder
  • Defining your rights in respect of the communal areas in the building.E.G., does the lease grant a right of way over a path or hallways?
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For details of the information to be contained in your report on your leasehold property in Finsbury Park please ask your lawyer in advance of your conveyancing in Finsbury Park

  • I am looking at a two flats in Finsbury Park both have approximately forty five years remaining on the leases. Will this present a problem?

    There are plenty of short leases in Finsbury Park. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the value of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

    What are your top tips when it comes to appointing a Finsbury Park conveyancing firm to carry out our lease extension conveyancing?

    If you are instructing a property lawyer for your lease extension (regardless if they are a Finsbury Park conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Finsbury Park conveyancing practices prior to instructing a firm. If the firm 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 completed in Finsbury Park in the last twenty four months?

  • If all goes to plan we aim to complete our sale of a £400000 apartment in Finsbury Park next week. The landlords agents has quoted £348 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Finsbury Park?

    Finsbury Park conveyancing on leasehold apartments normally involves the purchaser’s lawyer sending enquiries for the landlord to address. Although the landlord is not legally bound to address these enquiries most will be content to do so. They are entitled invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee demanded by the landlord must be accompanied by a summary of entitlements and obligations in respect of administration charges, otherwise the charge is not strictly payable. Reality however dictates that one has little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.

    I am the proprietor of a first floor flat in Finsbury Park. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?

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

    An example of a Freehold Enfranchisement decision for a Finsbury Park premises 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 unexpired residue of the current lease was 71 years.

    Other Topics

    Lease Extensions in Finsbury Park