I am in need of some leasehold conveyancing in Finsbury Park. Before I set the wheels in motion I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - 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.

Due to exchange soon on a leasehold property in Finsbury Park. Conveyancing solicitors assured me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Finsbury Park should include some of the following:

• The length of the lease term You should be advised as what happens when the lease ends, and informed of the importance of the 80 year mark
• Setting out your rights in relation to common areas in the block.For instance, does the lease permit a right of way over an accessway or hallways?
• An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
• Whether your lease has a provision for a sinking fund?
• 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?
• What the implications are if you breach a clause of your lease?

I am tempted by the attractive purchase price for a couple of maisonettes in Finsbury Park which have in the region of 50 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 premises for a period of time. As a lease shortens the marketability of the lease reduces and it becomes more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena

Last month I purchased a leasehold property in Finsbury Park. Do I have any liability for service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element 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).

I am a negotiator for a busy estate agent office in Finsbury Park where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Finsbury Park conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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.

I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Finsbury Park conveyancing firm to help?

in cases where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the amount due.

An example of a Freehold Enfranchisement matter before the tribunal for a Finsbury Park property 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 affected 1 flat. The the unexpired term as at the valuation date was 71 years.

Leasehold Conveyancing in Finsbury Park - Examples of Queries before Purchasing

It is important to be aware whether redecorating or some other major work is due shortly that will be shared between the leasehold owners and will dramatically impact the level of the service charges or result in a specific payment. Many Finsbury Park leasehold properties will have a service bill for the upkeep of the block invoiced by the landlord. Where you purchase the apartment you will have to meet this liability, normally in instalments during the year. This could vary from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. In all probability there will be a ground rent to be met yearly, this is usually not a significant sum, say around £25-£75 but you should to check it because on occasion it could be surprisingly expensive.