I am hoping to sign contracts shortly on a leasehold property in Finsbury Park. Conveyancing lawyers assured me that they report fully 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:

• Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord

Does the lease prohibit wood flooring?

Whether the lease restricts you from renting out the flat, or working from home

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

You should have a good understanding of the insurance provisions

The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

What the implications are if you breach a clause of your lease? For a comprehensive list of information to be included in your report on your leasehold property in Finsbury Park please enquire of your solicitor in ahead of your conveyancing in Finsbury Park

I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Finsbury Park. Conveyancing solicitors have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Finsbury Park ?

The majority of houses in Finsbury Park are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Finsbury Park so you should seriously consider shopping around for a Finsbury Park conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer should advise you fully on all the issues.

I've recently bought a leasehold property in Finsbury Park. Am I liable to pay service charges for periods before my ownership?

In a situation 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. Strange as it may seem, 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).

Can you provide any top tips for leasehold conveyancing in Finsbury Park from the point of view of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Finsbury Park can be bypassed where you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers.
• The majority freeholders or managing agents in Finsbury Park charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Finsbury Park.

If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Most leases in Finsbury Park state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord approving such changes. If you fail to have the paperwork to hand you should not contact the landlord without contacting your solicitor before hand.

If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as over as opposed to ongoing.

You may think that you are aware of the number of years left on your lease but it would be advisable verify this by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

If all goes to plan we aim to complete the sale of our £175000 flat in Finsbury Park in six days. The managing agents has quoted £360 for Certificate of Compliance, insurance certificate and previous 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 normally results in administration charges raised by management companies :

• Addressing conveyancing due diligence questions
• Where consent is required before sale in Finsbury Park
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Finsbury Park leasehold premises is £350. For Finsbury Park conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to supply answers.

Following years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Finsbury Park. Can we issue an application to the Residential Property Tribunal Service?

if there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to arrive at the price.

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 remaining number of years on the lease was 71 years.

Other Topics

Lease Extensions in Finsbury Park