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Examples of recent questions relating to leasehold conveyancing in Wapping

There are only Sixty One years remaining on my flat in Wapping. I need to extend my lease but my freeholder is missing. 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 for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to track down the lessor. In some cases an enquiry agent may be useful to try and locate and prepare an expert document to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a solicitor in relation to proving the landlord’s disappearance and the application to the County Court overseeing Wapping.

I’m about to sell my basement apartment in Wapping.Conveyancing is yet to be initiated but I have just received a yearly service charge demand – should I leave it to the buyer to sort out?

The sensible thing to do is pay 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 management companies will not acknowledge the buyer unless 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. This will smooth the conveyancing process.

I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Wapping. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Wapping ?

The majority of houses in Wapping are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Wapping so you should seriously consider looking for a Wapping conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is located on an estate. Your solicitor will report to you on the legal implications.

Last month I purchased a leasehold house in Wapping. Am I liable to pay service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you provide any top tips for leasehold conveyancing in Wapping from the perspective of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Wapping can be bypassed if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ conveyancers.
  • Many freeholders or managing agents in Wapping levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Wapping.
  • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Wapping state that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such changes. Where you fail to have the consents in place do not communicate with the landlord without contacting your conveyancer in advance.
  • Some Wapping leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual 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 service charge figures so that they can pass this information on to the purchasers or their lawyers.
  • If you are supposed to have a share in the Management Company, you should make sure that you have the original share certificate. Arranging a duplicate share certificate can be a lengthy formality and frustrates many a Wapping home move. If a new share is necessary, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.

    • I inherited a second floor flat in Wapping. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?

    if there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to assess the premium.

    An example of a Freehold Enfranchisement case 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 remaining number of years on the lease was 107 years.

    Other Topics

    Lease Extensions in Wapping