Leasehold Conveyancing in North Finchley - Get a Quote from the leasehold experts approved by your lender

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Sample questions relating to North Finchley leasehold conveyancing

My wife and I purchased a leasehold flat in North Finchley. Conveyancing and Skipton Building Society mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1995. The conveyancing practitioner in North Finchley who acted for me is not around.Do I pay?

The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a North Finchley conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I work for a busy estate agent office in North Finchley where we have witnessed a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local North Finchley conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

As long as 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. 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 needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible 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 buyer.

What are your top tips when it comes to appointing a North Finchley conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a North Finchley conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non North Finchley conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:

  • How experienced is the firm with lease extension legislation?
  • If they are not ALEP accredited then what is the reason?

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

    • A significant proportion of the frustration in leasehold conveyancing in North Finchley can be bypassed where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ representatives.
    • The majority freeholders or Management Companies in North Finchley charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in North Finchley.
  • In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Most leases in North Finchley state that internal structural alterations or addition of wooden flooring calls for a licence issued by the Landlord approving such changes. If you dont have the paperwork in place you should not contact the landlord without checking with your lawyer before hand.
  • If you are supposed to have a share in the freehold, you should ensure that you hold the original share certificate. Arranging a replacement share certificate is often a time consuming process and delays many a North Finchley conveyancing transaction. Where a duplicate share certificate is required, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
  • You believe that you know the number of years left on your lease but you should verify this by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

    • After months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in North Finchley. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    You certainly can. We are happy to put you in touch with a North Finchley conveyancing firm who can help.

    An example of a Lease Extension decision 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 related to 1 flat. The the number of years remaining on the existing lease(s) was 76 years.

    What makes a North Finchley lease problematic?

    Leasehold conveyancing in North Finchley is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain clauses are erroneous. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the building
    • A duty to insure the building
    • A provision for the recovery of money spent for the benefit of another party.
    • Maintenance charge proportions which don’t add up to the correct percentage

    You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Barnsley Building Society, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.

    Other Topics

    Lease Extensions in North Finchley