Experts for Leasehold Conveyancing in North Finchley

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Frequently asked questions relating to North Finchley leasehold conveyancing

I am intending to rent out my leasehold apartment in North Finchley. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?

A small minority of properties in North Finchley do contain a provision to say that subletting is only allowed with permission. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

Having checked my lease I have discovered that there are only 62 years remaining on my lease in North Finchley. I now wish to extend my lease but my landlord is can not be found. 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 lengthened by the magistrate. However, you will be required to prove that you or your lawyers have used your best endeavours to find the landlord. For most situations an enquiry agent would be useful to try and locate and to produce an expert document to be used as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on devolving into the landlord’s absence and the application to the County Court covering North Finchley.

I am attracted to a two flats in North Finchley which have approximately forty five years unexpired on the leases. Do I need to be concerned?

There are plenty of short leases in North Finchley. The lease is a right to use the property for a period of time. As a lease gets shorter the value of the lease deteriorate and results in it becoming more costly to extend the lease. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area

Do you have any top tips for leasehold conveyancing in North Finchley with the intention of expediting the sale process?

  • Much of the delay in leasehold conveyancing in North Finchley can be avoided where you appoint lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers solicitors.
  • Some North Finchley leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 lawyers.
  • If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unsettled.
  • If you have the benefit of shareholding in the Management Company, you should make sure that you are holding the original share certificate. Obtaining a re-issued share certificate can be a lengthy formality and frustrates many a North Finchley conveyancing transaction. Where a reissued share certificate is needed, do contact the company officers or managing agents (where relevant) for this sooner rather than later.
  • You believe that you know the number of years left on your lease but you should verify this by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is below 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

    • Despite our best efforts, we have been unsuccessful in trying to reach an agreement for a lease extension in North Finchley. Can this matter be resolved via the Leasehold Valuation Tribunal?

    Absolutely. We can put you in touch with a North Finchley conveyancing firm who can help.

    An example of a Lease Extension matter before the tribunal for a North Finchley premises 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 was in relation to 1 flat. The the number of years remaining on the existing lease(s) was 76 years.

    What makes a North Finchley lease defective?

    There is nothing unique about leasehold conveyancing in North Finchley. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. The following missing provisions could result in a defective lease:

    • Repairing obligations to or maintain parts of the building
    • 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 can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Virgin Money, and Nottingham Building Society all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.

    Other Topics

    Lease Extensions in North Finchley