Examples of recent questions relating to leasehold conveyancing in Canary Wharf
Expecting to complete next month on a basement flat in Canary Wharf. Conveyancing lawyers have said that they will have a report out to me within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Canary Wharf should include some of the following:
- Whether the lease restricts you from renting out the flat, or having a home office for business
I own a leasehold flat in Canary Wharf. Conveyancing and National Westminster Bank mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Canary Wharf who previously acted has now retired.Do I pay?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to instruct a Canary Wharf conveyancing solicitor to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am tempted by the attractive purchase price for a two flats in Canary Wharf both have in the region of fifty years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Canary Wharf. The lease is a right to use the property for a prescribed time frame. As the lease shortens the value of the lease deteriorate and it becomes more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area
Can you offer any advice when it comes to choosing a Canary Wharf conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Canary Wharf conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Canary Wharf conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be useful:
- What volume of lease extensions have they conducted in Canary Wharf in the last twenty four months?
Can you provide any top tips for leasehold conveyancing in Canary Wharf with the purpose of expediting the sale process?
- Much of the delay in leasehold conveyancing in Canary Wharf can be avoided where you instruct lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information needed by the purchasers’ solicitors.
- A minority of Canary Wharf leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is 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.
We have reached the end of our tether in trying to reach an agreement for a lease extension in Canary Wharf. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the price payable.
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 affected 3 flats. The the unexpired term as at the valuation date was 101.61 years.