I am on look out for some leasehold conveyancing in North Finchley. Before I get started I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and most 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 only have Seventy years unexpired on my lease in North Finchley. I now wish to get lease extension but my freeholder is absent. What should I do?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the lessor. On the whole an enquiry agent would be helpful to conduct investigations and prepare a report which can be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor both on proving the landlord’s disappearance and the application to the County Court covering North Finchley.

I have just started marketing my basement flat in North Finchley.Conveyancing lawyers have not yet been instructed but I have just received a quarterly service charge demand – Do I pay up?

Your conveyancing lawyer is likely to suggest that you should clear the invoice 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. This will smooth the conveyancing process.

Can you provide any advice for leasehold conveyancing in North Finchley with the purpose of speeding up the sale process?

• A significant proportion of the delay in leasehold conveyancing in North Finchley can be reduced where you get in touch lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information which will be required by the purchasers’ lawyers.
• If you have carried out any alterations to the residence would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in North Finchley state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord acquiescing to such works. Where you fail to have the approvals to hand do not contact the landlord without checking with your conveyancer first.
• Some North Finchley leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to 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 financially capable of paying 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 service charge figures so that they can pass this information on to the purchasers or their solicitors.
• If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. 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 particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unsettled.
• If you hold a share in a the freehold, you should make sure that you are holding the original share certificate. Arranging a duplicate share certificate can be a time consuming formality and slows down many a North Finchley home move. Where a new share certificate is necessary, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later.

I have given up trying to reach an agreement for a lease extension in North Finchley. Can the Leasehold Valuation Tribunal adjudicate on premiums?

Most definitely. 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 residence 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 affected 1 flat. The remaining number of years on the lease was 76 years.

In relation to leasehold conveyancing in North Finchley what are the most common lease problems?

Leasehold conveyancing in North Finchley is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain parts of the building
• A duty to insure the building
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Norwich and Peterborough Building Society, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.

Leasehold Conveyancing in North Finchley - Sample of Questions you should ask Prior to Purchasing

What is the name of the managing agents?