I am in need of some leasehold conveyancing in Canary Wharf. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Canary Wharf - 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.

There are only Seventy years left on my flat in Canary Wharf. I now want to get lease extension but my landlord is absent. What options are available to me?

On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to find the landlord. In some cases an enquiry agent would be useful to try and locate and to produce a report to be used as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court covering Canary Wharf.

I am looking at a two maisonettes in Canary Wharf both have about forty five years unexpired on the lease term. Do I need to be concerned?

A lease is a right to use the premises for a period of time. As a lease shortens the marketability of the lease decreases and it becomes more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena

I've recently bought a leasehold property in Canary Wharf. Do I have any liability for service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

What are your top tips when it comes to finding a Canary Wharf conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Canary Wharf conveyancing practice) 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 Canary Wharf conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:

• What volume of lease extensions has the firm carried out in Canary Wharf in the last twenty four months?
• What are the costs for lease extension conveyancing?

My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Canary Wharf. Can this matter be resolved via the Leasehold Valuation Tribunal?

in cases where there is a missing landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to calculate the amount due.

An example of a Freehold Enfranchisement matter before the tribunal 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 unexpired term was 101.61 years.

I am the registered owner of a basement flat in Canary Wharf, conveyancing was carried out in 1999. How much will my lease extension cost? Equivalent properties in Canary Wharf with a long lease are worth £192,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2102

With only 76 years unexpired we estimate the premium for your lease extension to span between £10,500 and £12,000 plus costs.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.