Fixed-fee leasehold conveyancing in Finsbury Park:

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Top Five Questions relating to Finsbury Park leasehold conveyancing

I’m about to sell my basement flat in Finsbury Park.Conveyancing is yet to be initiated but I have just had a yearly maintenance charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is 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 management companies will not acknowledge the buyer unless 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. This will smooth the conveyancing process.

I've recently bought a leasehold property in Finsbury Park. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation 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. It is an essential part 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).

I am employed by a reputable estate agent office in Finsbury Park where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Finsbury Park conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the buyer?

As long as the seller has been the owner 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. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, 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.

Can you provide any advice for leasehold conveyancing in Finsbury Park with the aim of expediting the sale process?

  • Much of the delay in leasehold conveyancing in Finsbury Park can be reduced where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers lawyers.
  • Many freeholders or Management Companies in Finsbury Park levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have 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 frequent reason for frustration in leasehold conveyancing in Finsbury Park.
  • If you have carried out any alterations to the property would they have required Landlord’s permission? In particular have you installed wooden flooring? Finsbury Park leases often stipulate that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord consenting to such changes. Where you fail to have the paperwork in place do not communicate with the landlord without contacting your lawyer before hand.
  • If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Organising a new share certificate is often a time consuming formality and slows down many a Finsbury Park conveyancing transaction. Where a duplicate share certificate is necessary, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible.
  • You may think that you are aware of the number of years left on your lease but you should verify this by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. It is therefore essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • After years of dialogue 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?

    Where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the premium.

    An example of a Freehold Enfranchisement decision for a Finsbury Park residence 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 unexpired lease term was 71 years.

    When it comes to leasehold conveyancing in Finsbury Park what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Finsbury Park. Most leases is drafted differently and drafting errors can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements of the property
    • Insurance obligations
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.

    Other Topics

    Lease Extensions in Finsbury Park