Common questions relating to Wapping leasehold conveyancing
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.
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 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
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.
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