Looking forward to sign contracts shortly on a ground floor flat in Wapping. Conveyancing lawyers assured me that they report fully within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Wapping should include some of the following:

• The physical extent of the demise. This will be the apartment itself but could also incorporate a roof space or cellar if appropriate.

Do you need to have carpet in the flat or are you allowed wood flooring?

Will you be prohibited or prevented from having pets in the property?

Whether your lease has a provision for a sinking fund?

Changes to the flat (alterations and additions)

The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.

Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? For a comprehensive list of information to be contained in your report on your leasehold property in Wapping please ask your lawyer in ahead of your conveyancing in Wapping

I am attracted to a couple of flats in Wapping both have in the region of forty five years unexpired on the lease term. Will this present a problem?

There are plenty of short leases in Wapping. The lease is a right to use the property for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is 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 seek professional assistance from a conveyancer and surveyor with experience in this arena

Do you have any top tips for leasehold conveyancing in Wapping with the purpose of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Wapping can be reduced if you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the buyers solicitors.
• In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Wapping state that internal structural alterations or addition of wooden flooring calls for a licence from the Landlord consenting to such works. Where you fail to have the approvals in place you should not contact the landlord without checking with your lawyer first.

If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. 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 purchasers, but it is better to present the dispute as historic as opposed to unresolved.

If you are supposed to have a share in the freehold, you should ensure that you have the original share document. Arranging a re-issued share certificate can be a time consuming process and delays many a Wapping conveyancing deal. Where a new share certificate is required, do contact the company director and secretary or managing agents (if applicable) 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 wise to verify this via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is below 75 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.

If all goes to plan we aim to complete the sale of our £150000 garden flat in Wapping in just under a week. The landlords agents has quoted £384 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is the landlord entitled to charge an administration fee for a leasehold conveyance in Wapping?

Wapping conveyancing on leasehold flats typically necessitates fees being levied by landlords agents :

• Addressing pre-contract questions
• Where consent is required before sale in Wapping
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Wapping leasehold property is £350. For Wapping conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

Following months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Wapping. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

Absolutely. We are happy to put you in touch with a Wapping conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a Wapping property 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 was in relation to 41 flats. The unexpired term was 107 years.

What makes a Wapping lease problematic?

Leasehold conveyancing in Wapping is not unique. All leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:

• Repairing obligations to or maintain elements of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Maintenance charge proportions which don’t add up to the correct percentage

You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Leeds Building Society, and Godiva Mortgages Ltd 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, forcing the purchaser to withdraw.

Other Topics

Lease Extensions in Wapping