I am on look out for some leasehold conveyancing in Canary Wharf. Before I get started I require certainty as to the remaining lease term.

Assuming the lease is recorded at the land registry - and most are in Canary Wharf - then the leasehold title will always include the short particulars 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.

I am hoping to sign contracts shortly on a basement flat in Canary Wharf. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?

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

• How long the lease is You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark

The physical extent of the property. This will be the flat itself but may incorporate a roof space or basement if appropriate.

Does the lease require carpeting throughout thus preventing wood flooring?

Are pets allowed in the flat?

You should have a good understanding of the insurance provisions

Repair and maintenance of the flat

Responsibility for repairing the window frames For a comprehensive list of information to be contained in your report on your leasehold property in Canary Wharf please enquire of your solicitor in advance of your conveyancing in Canary Wharf

I've recently bought a leasehold flat in Canary Wharf. Do I have any liability for service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous lessee 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. A critical element of leasehold conveyancing for your conveyancer to ensure 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).

What advice can you give us when it comes to appointing a Canary Wharf conveyancing firm to deal with our lease extension?

When appointing a property lawyer for your lease extension (regardless if they are a Canary Wharf conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Canary Wharf conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

• Can they put you in touch with client in Canary Wharf who can give a testimonial?

What are the legal fees for lease extension conveyancing?

Completion in due on our sale of a £325000 maisonette in Canary Wharf in seven days. The landlords agents has quoted £348 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Canary Wharf?

For most leasehold sales in Canary Wharf conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Answering pre-contract questions
• Where consent is required before sale in Canary Wharf
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your lawyer will have no control over the level of the charges for this information but the average costs for the information for Canary Wharf leasehold property is £350. For Canary Wharf 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 required to provide the information.

I am the registered owner of a first flat in Canary Wharf. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?

in cases where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to determine the price payable.

An example of a Freehold Enfranchisement case for a Canary Wharf residence is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The unexpired term was 101.61 years.

Other Topics

Lease Extensions in Canary Wharf