I have just over seventy years remaining on my lease and require a lease extension for my flat in Canary Wharf. Conveyancing solicitors on the Platform panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 10/4/2021 the requirements read as follows :
We are getting a further advance on our mortgage from HSBC as we intend to carry out alterations to our home in Canary Wharf. Are we obliged to appoint a local Canary Wharf solicitor on the HSBC conveyancing panel to handle the paperwork?
HSBC don't usually require a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC conveyancing panel.
Completion of my remortgage has taken place for my property in Canary Wharf. Conveyancing was of an acceptable standard but I would like to complain about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
About to purchase maisonette in Canary Wharf. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Canary Wharf lawyer is on the Leeds Building Society conveyancing panel.
How does conveyancing in Canary Wharf differ for new build properties?
Most buyers of new build property in Canary Wharf contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is completed. This is because builders in Canary Wharf typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Canary Wharf or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and identified one round the corner in Canary Wharf I like with amenity areas and transport links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Canary Wharf suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage that many years will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I am using a search engine for the term on line conveyancing in Canary Wharf it brings up many property lawyerslocally. How do I determine which is the suitable conveyancing solicitor for my move?
The ideal way of choosing the right conveyancer is through a personal testimonial, so ask colleagues and relatives who have bought a property in Canary Wharf or the respected estate agent or mortgage broker. Costs for conveyancing in Canary Wharf vary, so it's sensible to secure a minimum of four fee estimates from different property lawyers. Make sure that you clarify what costs in the quote includes.
I am in the process of buying my 1st home in Canary Wharf. Conveyancing practitioner already selected. The broker suggested that a survey is not necessary as the property was only constructed in 2002.
At the very least you should have a Home Buyer's Report. As the property is over 10 years old the property will be without a warranty, so you would be well advised not to take a risk. For a property that age with no signs of defects a Home Buyer's report may be enough. The report should highlight any apparent issues and recommend further investigation if appropriate. If there are any signs of problems get a comprehensive structural survey.