Questions and Answers: Finsbury Park leasehold conveyancing
Having had my offer accepted I require leasehold conveyancing in Finsbury Park. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Finsbury Park - then the leasehold title will always include the short particulars 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.
Harry (my fiance) and I may need to let out our Finsbury Park basement flat temporarily due to a new job. We used a Finsbury Park conveyancing practice in 2002 but they have since shut and we did not have the foresight to get any guidance as to whether the lease permits subletting. How do we find out?
Your lease dictates relations between the freeholder and you the flat owner; in particular, it will set out if subletting is not allowed, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Finsbury Park do not prevent strict prohibition on subletting – such a clause would adversely affect the market value the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I have just started marketing my 2 bed flat in Finsbury Park.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should 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 until 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 attracted to a two maisonettes in Finsbury Park which have approximately forty five years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Finsbury Park. The lease is a right to use the property for a period of time. As a lease shortens the marketability of the lease decreases and it becomes more costly to extend the lease. For this reason it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £150000 maisonette in Finsbury Park on Friday in a week. The managing agents has quoted £396 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in Finsbury Park?
Finsbury Park conveyancing on leasehold flats ordinarily involves fees being invoiced by management companies :
- Answering conveyancing due diligence questions
- Where consent is required before sale in Finsbury Park
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Finsbury Park conveyancing firm to represent me?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the premium.
An example of a Freehold Enfranchisement decision for a Finsbury Park flat 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.