Guaranteed fixed fees for Leasehold Conveyancing in North Finchley

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Recently asked questions relating to North Finchley leasehold conveyancing

I am on look out for some leasehold conveyancing in North Finchley. Before I set the wheels in motion I require certainty as to the unexpired term of 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.

Due to sign contracts shortly on a garden flat in North Finchley. Conveyancing solicitors inform me that they are sending me a report on Monday. What should I be looking out for?

Your report on title for your leasehold conveyancing in North Finchley should include some of the following:

  • You should be sent a copy of the lease
  • The total extent of the demise. This will be the apartment itself but could also include a loft or basement if applicable.
  • Ground rent - how much and when you need to pay, and also know whether this will change in the future
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For a comprehensive list of information to be included in your report on your leasehold property in North Finchley please enquire of your conveyancer in advance of your conveyancing in North Finchley

    • I am tempted by the attractive purchase price for a couple of maisonettes in North Finchley both have approximately fifty years remaining on the lease term. should I be concerned?

    There are plenty of short leases in North Finchley. The lease is a right to use the premises for a period of time. As the lease shortens the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this field

    Can you provide any top tips for leasehold conveyancing in North Finchley from the perspective of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in North Finchley can be avoided if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers.
    • If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in North Finchley state that internal structural alterations or addition of wooden flooring necessitate a licence issued by the Landlord approving such works. Where you fail to have the paperwork in place you should not contact the landlord without checking with your lawyer in the first instance.
  • If you have had any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle 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 purchasers, but it is better to present the dispute as historic rather than unresolved.
  • If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Obtaining a new share certificate can be a lengthy formality and delays many a North Finchley conveyancing transaction. If a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.
  • You believe that you know the number of years remaining on your lease but you should double-check by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 75 years. It is therefore important 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 premises on the market for sale.

    • After years of correspondence we are unable to 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?

    Most certainly. 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 was in relation to 1 flat. The the unexpired residue of the current lease was 76 years.

    Are there frequently found problems that you come across in leases for North Finchley properties?

    There is nothing unique about leasehold conveyancing in North Finchley. Most leases are individual and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

    • Repairing obligations to or maintain parts of the property
    • A duty to insure the building
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Maintenance charge proportions which don’t add up to the correct percentage

    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. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and TSB all have express 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 problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.

    Other Topics

    Lease Extensions in North Finchley