My wife and I purchased a leasehold house in Finsbury. Conveyancing and Alliance & Leicester mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Finsbury who acted for me is not around.Do I pay?

The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. It is not necessary to instruct a Finsbury conveyancing firm to do this as it can be done on-line for less than a fiver. 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 Finsbury where we have witnessed a number of leasehold sales derailed due to short leases. I have been given inconsistent advice from local Finsbury conveyancing firms. Please can you confirm whether the seller of a flat can initiate the lease extension process for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having 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 before, or simultaneously with completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder 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 purchaser.

Can you offer any advice when it comes to finding a Finsbury conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Finsbury conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Finsbury conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be helpful:

• If they are not ALEP accredited then why not?
• How many lease extensions has the firm conducted in Finsbury in the last twenty four months?

If all goes to plan we aim to complete the disposal of our £ 325000 maisonette in Finsbury on Thursday in a week. The landlords agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Finsbury?

Finsbury conveyancing on leasehold flats nine out of ten times involves administration charges invoiced by managing agents :

• Completing pre-exchange enquiries
• Where consent is required before sale in Finsbury
• 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 conveyancer will have no control over the level of the charges for this information but the average costs for the information for Finsbury leasehold premises is £350. For Finsbury 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 answers.

I am the leaseholder of a second floor flat in Finsbury. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?

Absolutely. We are happy to put you in touch with a Finsbury conveyancing firm who can help.

An example of a Lease Extension case for a Finsbury residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The the number of years remaining on the existing lease(s) was 66.8 years.

What are the common deficiencies that you come across in leases for Finsbury properties?

There is nothing unique about leasehold conveyancing in Finsbury. Most leases is drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

• A provision to repair to or maintain elements of the property
• Insurance obligations
• 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

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Chelsea Building Society, and Bank of Ireland all have express requirements 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, obliging the purchaser to pull out.

I acquired a 1st floor flat in Finsbury, conveyancing was carried out 10 years ago. How much will my lease extension cost? Corresponding properties in Finsbury with a long lease are worth £185,000. The average or mid-range amount of ground rent is £60 invoiced annually. The lease terminates on 21st October 2096

You have 70 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 as well as costs.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.