Purchase of leasehold residential home : Abbotts Wharf, 93 Stainsby Road, London, E14

April 2007.

A specialist Canary Wharf and Poplar conveyancing team were instructed to handle the purchase conveyancing for a 999 year leasehold for a residential home valued at around £250, 000. 00 located at Abbotts Wharf, 93 Stainsby Road, London, E14.

Fridaysmove Limited - DX 37900 Kings Cross. Tower Hamlets, East London. The seller instructed Fridaysmove to proceed with the conveyancing of their property.

Local authority is Tower Hamlet Council . Planning permissions were found on the property.

Land Registry Office found the property had been owned for less than five years, meaning there was a danger that the transfer of the property to the seller could be set aside if it was established that the property within that five year period was a Transfer at Undervalue. The property was also subject to restrictions/rights/covenants as set out in a transfer dated 12/12/2003.  

Transfer at Undervalue means: The transfer of property or an interest in it (for example a transfer by the owner into the joint names of himself and another) by way of gift or for a price less than the current market value of the property.

Covenants: Rules and conditions contained in the Deeds or Lease that relate to the upkeep of the property or place restrictions on its use. Some covenants are said to 'run with the land', meaning that the burden or benefit of the covenant is passed to the buyer of the land on transfer of the title.

Our Fridaysmove conveyancing team check with the vendors licensed conveyancer that the aforementioned restrictions/covenants etc. had been fully complied with.

Managing agent: Abbots Wharf Management Limited. Julie Dixon was the property lawyer in charge of conveyancing in Canary Wharf and Poplar, Tower Hamlets, East London.

Estate agent was Felicity J Lord branch covering Canary Wharf and Poplar.