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Leasehold conveyancing in Finsbury Park is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Finsbury Park and throughout next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Examples of recent questions relating to leasehold conveyancing in Finsbury Park

There are only Fifty years left on my flat in Finsbury Park. I am keen to extend my lease but my freeholder is absent. What options are available to me?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to find the freeholder. On the whole a specialist would be useful to conduct investigations and prepare a report which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s disappearance and the application to the County Court overseeing Finsbury Park.

Looking forward to exchange soon on a basement flat in Finsbury Park. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. 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
  • Are you allowed to have a pet in the flat?
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • 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
  • Changes to the flat (alterations and additions)
  • What you can do if a neighbour breach a clause of their lease?
  • What the implications are if you breach a clause of your lease? For details of the information to be included in your report on your leasehold property in Finsbury Park please ask your conveyancer in ahead of your conveyancing in Finsbury Park

    • I am employed by a busy estate agent office in Finsbury Park where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Finsbury Park conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?

    As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

    Alternatively, it may be possible 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 purchaser.

    Can you offer any advice when it comes to appointing a Finsbury Park conveyancing practice to carry out our lease extension conveyancing?

    If you are instructing a property lawyer for lease extension works (regardless if they are a Finsbury Park conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Finsbury Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be useful:

    • How experienced is the practice with lease extension legislation?
  • How many lease extensions has the firm completed in Finsbury Park in the last twenty four months?

    • Do you have any top tips for leasehold conveyancing in Finsbury Park from the point of view of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Finsbury Park can be avoided where you instruct lawyers as soon as you market your property and request that they start to put together the leasehold information needed by the purchasers’ lawyers.
    • The majority landlords or managing agents in Finsbury Park charge for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Finsbury Park.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Obtaining a replacement share certificate is often a time consuming formality and delays many a Finsbury Park conveyancing deal. Where a new share certificate is required, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
  • You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your lawyers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is under 75 years. It is therefore important 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 premises on the market for sale.

    • After months of dialogue 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?

    Most definitely. We are happy to put you in touch with a Finsbury Park conveyancing firm who can help.

    An example of a Freehold Enfranchisement case 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.

    Other Topics

    Lease Extensions in Finsbury Park