Quality lawyers for Leasehold Conveyancing in Wapping

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Top Five Questions relating to Wapping leasehold conveyancing

I am in need of some leasehold conveyancing in Wapping. Before I get started I would like to find out the unexpired term of the lease.

Assuming the lease is registered - and almost all are in Wapping - 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.

Frank (my husband) and I may need to let out our Wapping ground floor flat for a while due to taking a sabbatical. We instructed a Wapping conveyancing firm in 2003 but they have since shut and we did not have the foresight to seek any guidance as to whether the lease allows us to sublet. How do we find out?

The lease governs relations between the freeholder and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is permitted. The majority of leases in Wapping do not prevent subletting altogether – such a clause would adversely affect the market value the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.

Having checked my lease I have discovered that there are only 62 years left on my flat in Wapping. I now want to extend my lease but my landlord is absent. What options are available to me?

On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to track down the freeholder. On the whole a specialist may be helpful to carry out a search and prepare a report to be used as proof that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the application to the County Court overseeing Wapping.

I have just started marketing my ground floor flat in Wapping.Conveyancing solicitors are to be appointed soon but I have just received a yearly maintenance charge invoice – Do I pay up?

It best that you 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 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 tempted by the attractive purchase price for a two maisonettes in Wapping which have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Wapping. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the value of the lease deteriorate and results in it becoming more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena

My wife and I have hit a brick wall in seeking a lease extension in Wapping. Can the Leasehold Valuation Tribunal adjudicate on premiums?

Where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to assess the premium.

An example of a Freehold Enfranchisement decision for a Wapping residence is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The the unexpired term as at the valuation date was 107 years.

Other Topics

Lease Extensions in Wapping