Recently asked questions relating to Canary Wharf leasehold conveyancing
I am on look out for some leasehold conveyancing in Canary Wharf. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and most 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've found a house that appears to meet my requirements, at a great price which is making it all the more appealing. I have subsequently been informed that it's a 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 appointed. 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 used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Canary Wharf in which case you should be looking for a Canary Wharf conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.
Do you have any top tips for leasehold conveyancing in Canary Wharf from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Canary Wharf can be avoided if you get in touch lawyers the minute your agents start marketing the property and ask them to collate the leasehold information which will be required by the buyers solicitors.
- Many landlords or managing agents in Canary Wharf levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Canary Wharf.
If all goes to plan we aim to complete our sale of a £425000 garden flat in Canary Wharf in six days. The management company has quoted £372 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Canary Wharf?
For the majority of leasehold sales in Canary Wharf conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Completing conveyancing due diligence questions
- Where consent is required before sale in Canary Wharf
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I have had difficulty in trying to reach an agreement for a lease extension in Canary Wharf. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a Canary Wharf conveyancing firm who can help.
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.
In relation to leasehold conveyancing in Canary Wharf what are the most frequent lease defects?
Leasehold conveyancing in Canary Wharf is not unique. All leases are individual and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
- Repairing obligations to or maintain parts of the property
- Insurance obligations
- A provision for the recovery of money spent for the benefit of another party.
- Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Coventry Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to pull out.