North Finchley leasehold conveyancing Example Support Desk Enquiries
I am on look out for some leasehold conveyancing in North Finchley. Before I get started I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in North Finchley - 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.
I have recently realised that I have 68 years remaining on my flat in North Finchley. I am keen to extend my lease but my landlord 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 enable the lease to be extended by the Court. You will be obliged to prove that you or your lawyers have made all reasonable attempts to find the landlord. On the whole an enquiry agent may be helpful to try and locate and prepare an expert document which can be used as evidence that the landlord can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing North Finchley.
I am hoping to sign contracts shortly on a garden flat in North Finchley. Conveyancing lawyers inform me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in North Finchley should include some of the following:
- The total extent of the demise. This will be the property itself but may include a roof space or basement if applicable.
I am looking at a couple of maisonettes in North Finchley which have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in North Finchley. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the marketability of the lease deteriorate and it becomes more costly to extend the lease. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field
I work for a long established estate agent office in North Finchley where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local North Finchley conveyancing solicitors. Could you clarify whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a North Finchley conveyancing firm to help?
in cases where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to judgment on the price.
An example of a Lease Extension matter before the tribunal for a North Finchley flat is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case related to 1 flat. The the unexpired term as at the valuation date was 76 years.