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

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While any conveyancing practice can theoretically deal with your leasehold conveyancing in Canary Wharf, your mortgage provider may unwilling to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Canary Wharf leasehold conveyancing

I am in need of some leasehold conveyancing in Canary Wharf. Before diving in I want to be sure as to the unexpired term of the lease.

If the lease is recorded at the land registry - and 99.9% are in Canary Wharf - then the leasehold title will always include the basic details 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.

I have just appointed agents to market my ground floor flat in Canary Wharf.Conveyancing has not commenced but I have just had a half-yearly maintenance charge demand – what should I do?

Your conveyancing lawyer is likely to suggest that you should clear the service charge as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have since been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Canary Wharf. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Canary Wharf ?

Most houses in Canary Wharf are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area can assist with the conveyancing process. We note that you are buying in Canary Wharf in which case you should be shopping around for a Canary Wharf conveyancing solicitor and be sure that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your lawyer should advise you fully on all the issues.

Last month I purchased a leasehold house in Canary Wharf. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation 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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure 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).

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

  • Much of the delay in leasehold conveyancing in Canary Wharf can be avoided if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information needed by the buyers lawyers.
  • In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Canary Wharf state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord approving such alterations. If you dont have the consents to hand you should not contact the landlord without contacting your conveyancer in advance.
  • Some Canary Wharf leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
  • If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. 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 details of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than unsettled.
  • You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your conveyancers. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is less than 80 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.

    • I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Canary Wharf conveyancing firm to help?

    if there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to arrive at the sum to be paid.

    An example of a Freehold Enfranchisement decision for a Canary Wharf property 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 affected 3 flats. The the unexpired term as at the valuation date was 101.61 years.

    Other Topics

    Lease Extensions in Canary Wharf