Fixed-fee leasehold conveyancing in Finsbury Park:

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Examples of recent questions relating to leasehold conveyancing in Finsbury Park

Due to sign contracts shortly on a ground floor flat in Finsbury Park. Conveyancing solicitors assured me that they report fully within the next couple of days. What should I be looking out for?

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

  • You should receive a copy of the lease
  • 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
  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Setting out your rights in relation to the communal areas in the block.For instance, does the lease permit a right of way over an accessway or hallways?
  • Will you be prohibited or prevented from having pets in the property?
  • You should have a good understanding of the insurance provisions
  • 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 For a comprehensive list of information to be contained in your report on your leasehold property in Finsbury Park please ask your conveyancer in ahead of your conveyancing in Finsbury Park

  • Estate agents have just been given the go-ahead to market my ground floor flat in Finsbury Park.Conveyancing is yet to be initiated but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?

    The sensible thing to do is pay 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am a negotiator for a reputable estate agency in Finsbury Park where we have witnessed a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Finsbury Park conveyancing solicitors. Could you confirm whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?

    Provided that 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. This means that the buyer need not have to sit tight for 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.

    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.

    What are your top tips when it comes to finding a Finsbury Park conveyancing practice to deal with our lease extension?

    If you are instructing a conveyancer for lease extension works (regardless if they are a Finsbury Park conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Finsbury Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

    • If the firm is not ALEP accredited then what is the reason?
  • What are the costs for lease extension work?

  • Do you have any top tips for leasehold conveyancing in Finsbury Park with the purpose of speeding up the sale process?

    • Much of the frustration in leasehold conveyancing in Finsbury Park can be bypassed if you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers representatives.
    • Some Finsbury Park leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If you have had conflict with your landlord or managing agents it is essential that these are resolved before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may have to bite the bullet and discharge 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 will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than unresolved.
  • If you hold a share in a the Management Company, you should ensure that you have the original share document. Arranging a duplicate share certificate can be a time consuming process and frustrates many a Finsbury Park home move. Where a new share certificate is required, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.
  • You may think that you are aware of the number of years left on your lease but you should verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the lease term is under 75 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

  • I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Finsbury Park conveyancing firm to assist?

    in cases where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to determine the amount due.

    An example of a Freehold Enfranchisement case 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 related to 1 flat. The unexpired term was 71 years.

    Other Topics

    Lease Extensions in Finsbury Park