We have rather assertive vendors who has recommended a exclusivity agreement with a down payment two thousand pounds. Are such contracts generally advanced for East Finchley conveyancing transactions?
There are a couple of primary drawbacks with executing a lock out agreement (sometimes known as an exclusivity agreement) is that it takes away the focus from moving forward with the conveyancing transaction itself, so in the absence of it needing little or no negotiation then it could transpire to be a cause of frustration and delay. It is not promoted by East Finchley conveyancing lawyers as a result. The other main issue is the extent of the remedies available - an aggrieved purchaser should not expect to obtain an injunction to bar the seller selling to an alternative purchaser, so the only remedy open via the agreement will be the recovery of wasted costs and, in restricted scenarios, the additional payment of penalties.
Why do I have to pay up front for conveyancing in East Finchley?
Where you are retaining lawyers for conveyancing in East Finchley your lawyer will request that you to provide them with funds to cover the search fees. Generally this is asked for to cover the fees of the Local Authority Search. If any deposit is as part of the sale price then this will be required shortly in advance of contracts are exchanged. Any further balance that is needed should be transferred shortly before completion.
About to place an offer on a leasehold flat in East Finchley. The property agents advise that it is the norm for flats in East Finchley to have less than 75 years remaining. I am expecting a loan with Tesco Bank. Will the property be mortgageable given that the lease has 69 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 13/8/2025 the requirements read as follows :
I am buying a house and the lawyer has identified Chancel Repair to which the house may be obligated to contribute to given it’s proximity to the area of such a church. He has suggested insurance. Is this really warranted for conveyancing in East Finchley
Unless a prior acquisition of the house completed after 12 October 2013 you could expect conveyancing practitioners conducting conveyancing in East Finchley to continue to propose a a chancel search and or insurance against a claim.
I have been on the look out for a leasehold apartment up to £305k and identified one round the corner in East Finchley I like with open areas and transport links nearby, however it's only got 49 remaining years left on the lease. There is not much else in East Finchley for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I am attracted to a two apartments in East Finchley both have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in East Finchley is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and lenders, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with East Finchley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have had difficulty in negotiating a lease extension in East Finchley. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to assess the price payable.
An example of a Lease Extension decision for a East Finchley property is Ground Floor 110 Station Road in June 2013. The Tribunal found that the premium payable for a lease extension should be £31,665. This case affected 1 flat. The unexpired term was 56.65 years.