I want 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?

Some leases for properties in North Finchley do contain a provision to say that subletting is only allowed with permission. The landlord cannot 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.

I've found a house that seems to be perfect, at a great price which is making it all the more appealing. I have just discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in North Finchley. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in North Finchley ?

The majority of houses in North Finchley are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in North Finchley so you should seriously consider shopping around for a North Finchley conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should appraise you on the various issues.

I am tempted by the attractive purchase price for a couple of flats in North Finchley both have approximately 50 years unexpired on the lease term. Do I need to be concerned?

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 a lease shortens the value of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this area

Can you provide any top tips for leasehold conveyancing in North Finchley with the purpose of saving time on the sale process?

• Much of the delay in leasehold conveyancing in North Finchley can be bypassed if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold documentation which will be required by the buyers representatives.
• In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in North Finchley state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord acquiescing to such alterations. Should you dont have the paperwork to hand do not communicate with the landlord without checking with your lawyer before hand.

If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a property where there is a current dispute. You will have to accept that you will have to pay 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 prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as over as opposed to unresolved.

If you have the benefit of shareholding in the freehold, you should ensure that you have the original share certificate. Obtaining a duplicate share certificate can be a lengthy formality and frustrates many a North Finchley home move. Where a duplicate share is required, do contact the company officers or managing agents (if applicable) for this as soon as possible.

You believe that you know the number of years remaining on your lease but it would be wise to double-check via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.

We expect to complete the disposal of our £225000 flat in North Finchley next week. The managing agents has quoted £300 for Certificate of Compliance, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in North Finchley?

For the majority of leasehold sales in North Finchley conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Addressing pre-exchange enquiries
• Where consent is required before sale in North Finchley
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for North Finchley leasehold property is £350. For North Finchley conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

I am the registered owner of a two-bedroom flat in North Finchley. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?

Most definitely. 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 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 related to 1 flat. The unexpired term was 76 years.

Other Topics

Lease Extensions in North Finchley