Leasehold Conveyancing in Canary Wharf - Get a Quote from the leasehold experts approved by your lender

Get a Quote

Need to find a solicitor for leasehold conveyancing in Canary Wharf on your lender’s panel? Use our search tool to find quality local Canary Wharf conveyancing practitioners or nationwide solicitors on your lender’s panel .

Canary Wharf leasehold conveyancing: Q and A’s

I would like to rent out my leasehold flat in Canary Wharf. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

Even though your last Canary Wharf conveyancing lawyer is no longer around you can review your lease to see if you are permitted to let out the premises. The accepted inference is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain consent from your landlord or some other party prior to subletting. This means you not allowed to sublet without prior permission. Such consent is not allowed to be unreasonably withheld. If the lease prohibits you from subletting the property you should ask your landlord if they are willing to waive this restriction.

I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Canary Wharf. Conveyancing advisers have are about to be instructed. Will they explain the issues?

Most houses in Canary Wharf are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are purchasing in Canary Wharf so you should seriously consider looking for a Canary Wharf conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.

I work for a long established estate agency in Canary Wharf where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have been given contradictory information from local Canary Wharf conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension formalities 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer 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 has to be done prior to, 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 Canary Wharf with the aim of speeding up the sale process?

  • A significant proportion of the frustration in leasehold conveyancing in Canary Wharf can be avoided if you get in touch lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers conveyancers.
  • The majority freeholders or Management Companies in Canary Wharf charge for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Canary Wharf.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example installed wooden flooring? Canary Wharf leases often stipulate that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord approving such changes. Should you fail to have the consents to hand do not communicate with the landlord without contacting your lawyer first.
  • If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being marketed. The purchasers and their solicitors will be warry about purchasing a flat where a dispute is unsettled. You will have to accept that you will have to discharge 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 are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled.
  • If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share document. Arranging a replacement share certificate can be a time consuming process and frustrates many a Canary Wharf home move. If a duplicate share is necessary, do contact the company officers or managing agents (if relevant) for this sooner rather than later.

    • I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Canary Wharf conveyancing firm to help?

    in cases where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to decide the price.

    An example of a Freehold Enfranchisement decision for a Canary Wharf premises is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case was in relation to 3 flats. The the number of years remaining on the existing lease(s) was 101.61 years.

    What makes a Canary Wharf lease unmortgageable?

    There is nothing unique about leasehold conveyancing in Canary Wharf. Most leases is drafted differently and drafting errors can result in certain sections 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 parts of the property
    • Insurance obligations
    • Clauses dealing with recovering service charges for expenditure on the building or common parts.
    • Service charge per centages that don't add up correctly leaving a shortfall

    A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Mortgage Works, 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 does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.

    Other Topics

    Lease Extensions in Canary Wharf