Guaranteed fixed fees for Leasehold Conveyancing in Finsbury

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Sample questions relating to Finsbury leasehold conveyancing

I am in need of some leasehold conveyancing in Finsbury. Before I get started I would like to find out the unexpired term of the lease.

If the lease is recorded at the land registry - and almost all are in Finsbury - 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.

Looking forward to exchange soon on a studio apartment in Finsbury. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Finsbury should include some of the following:

  • Setting out your legal entitlements in respect of the communal areas in the building.By way of example, does the lease contain a right of way over an accessway or hallways?
  • You should be told what counts as a Nuisance in the lease
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames For a comprehensive list of information to be included in your report on your leasehold property in Finsbury please enquire of your solicitor in advance of your conveyancing in Finsbury

    • I am employed by a busy estate agency in Finsbury where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Finsbury conveyancing solicitors. Could you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?

    As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 before, or simultaneously with completion of the sale.

    An alternative approach is 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.

    Do you have any top tips for leasehold conveyancing in Finsbury from the perspective of speeding up the sale process?

    • Much of the delay in leasehold conveyancing in Finsbury can be reduced where you appoint lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ solicitors.
    • If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Finsbury state that internal structural changes or laying down wooden flooring require a licence issued by the Landlord acquiescing to such works. If you fail to have the consents to hand do not contact the landlord without contacting your lawyer first.
  • Some Finsbury leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly 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 buyers or their lawyers.
  • If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be warry about purchasing a flat where there is a current dispute. You will have to accept that you will have to 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 clearly preferable to present the dispute as over as opposed to unsettled.
  • If you have the benefit of shareholding in the freehold, you should make sure that you have the original share document. Obtaining a replacement share certificate can be a time consuming process and delays many a Finsbury conveyancing transaction. Where a duplicate share certificate is needed, do contact the company officers or managing agents (if applicable) for this at the earliest opportunity.

    • I am the proprietor of a ground-floor 1950’s flat in Finsbury. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum due for a lease extension?

    Most certainly. 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 remaining number of years on the lease was 66.8 years.

    What makes a Finsbury lease unacceptable for security purposes?

    Leasehold conveyancing in Finsbury is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions 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
    • A provision for the recovery of money spent for the benefit of another party.
    • Service charge per centages that don't add up correctly leaving a shortfall

    You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Skipton Building Society, and Platform Home Loans Ltd 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 problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.