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Frequently asked questions relating to Canary Wharf leasehold conveyancing

Due to sign contracts shortly on a studio apartment in Canary Wharf. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Canary Wharf should include some of the following:

  • The physical extent of the demise. This will be the apartment itself but could also incorporate a loft or cellar if applicable.
  • Does the lease prevent you from letting out the flat, or having a home office for business
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Changes to the flat (alterations and additions)
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required
  • 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 details of the information to be contained in your report on your leasehold property in Canary Wharf please enquire of your solicitor in ahead of your conveyancing in Canary Wharf

    • Estate agents have just been given the go-ahead to market my ground floor flat in Canary Wharf.Conveyancing is yet to be initiated but I have just had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?

    It best that you pay 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 management companies will not acknowledge the buyer until 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. Having a clear account will assist your cause and will leave you no worse off financially.

    I am a negotiator for a busy estate agency in Canary Wharf where we see a number of leasehold sales put at risk as a result of short leases. I have been given conflicting advice from local Canary Wharf conveyancing firms. Please can you clarify whether the seller of a flat can instigate 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having 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.

    Alternatively, it may be possible to agree the lease extension with the freeholder 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.

    Can you provide any top tips for leasehold conveyancing in Canary Wharf with the purpose of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Canary Wharf can be reduced if you get in touch lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Canary Wharf leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord approving such alterations. Where you fail to have the paperwork to hand do not communicate with the landlord without contacting your solicitor first.
  • If you have had any disputes with your landlord or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may need to swallow your pride 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 particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
  • If you are supposed to have a share in the freehold, you should make sure that you hold the original share certificate. Organising a re-issued share certificate can be a lengthy formality and delays many a Canary Wharf home move. Where a reissued share certificate is required, you should approach the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
  • You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your solicitors. A buyer’s conveyancer will not be happy to advise their client to where the remaining number of years is under 75 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • Following months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Canary Wharf. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

    You certainly can. We can put you in touch with a Canary Wharf conveyancing firm who can help.

    An example of a Freehold Enfranchisement case for a Canary Wharf residence 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 remaining number of years on the lease was 101.61 years.

    In relation to leasehold conveyancing in Canary Wharf what are the most common lease problems?

    There is nothing unique about leasehold conveyancing in Canary Wharf. Most leases are unique and drafting errors can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:

    • A provision to repair to or maintain elements 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

    You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Chelsea Building Society, and Clydesdale all have very detailed 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 provide security, obliging the buyer to withdraw.

    Other Topics

    Lease Extensions in Canary Wharf