Questions and Answers: Wapping leasehold conveyancing
I wish to let out my leasehold apartment in Wapping. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Some leases for properties in Wapping do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
There are only 68 years left on my flat in Wapping. I now wish to get lease extension but my freeholder is absent. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to locate the landlord. For most situations a specialist would be useful to try and locate and prepare a report which can be used as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s absence and the vesting order request to the County Court covering Wapping.
Looking forward to complete next month on a ground floor flat in Wapping. Conveyancing lawyers have said that they are sending me a report 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:
- Does the lease prevent you from renting out the flat, or working from home
- You should be told what counts as a Nuisance in the lease
- Ground rent - how much and when you need to pay, and also know whether this will change in the future
- Repair and maintenance of the flat
- Changes to the flat (alterations and additions)
- What you can do if a neighbour breach a clause of their lease?
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £ 175000 flat in Wapping in seven days. The freeholder has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in Wapping?
Wapping conveyancing on leasehold apartments typically involves fees being invoiced by management companies :
- Addressing pre-contract enquiries
- Where consent is required before sale in Wapping
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
Despite our best efforts, we have been unsuccessful in seeking a lease extension in Wapping. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Wapping premises 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 affected 41 flats. The the number of years remaining on the existing lease(s) was 107 years.
When it comes to leasehold conveyancing in Wapping what are the most frequent lease problems?
Leasehold conveyancing in Wapping is not unique. Most leases are unique and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
- Repairing obligations to or maintain elements of the premises
- A duty to insure the building
- 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 could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Norwich and Peterborough Building Society, and Platform Home Loans Ltd all have express conveyancing instructions 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 grant the mortgage, obliging the buyer to withdraw.
Wapping Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
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How long is the Lease?
Its a good idea to discover as much as possible about the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to practical matters like the tidiness of the communal areas. Don't be shy to ask other tenants whether they are happy with them. Finally, be sure you discover the dates that you are obliged pay the maintenance charge to the relevant party and precisely how they are spending that money.