I am the registered owner of a freehold house in Canary Wharf but still pay rent, why is this and what is this?
It’s unusual for properties in Canary Wharf and has limited impact for conveyancing in Canary Wharf but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I am selling my home in Canary Wharf. Does my conveyancer have to be on the HSBC conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the HSBC conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently currently.
I am helping my sister sell her house in Canary Wharf. Will the solicitor commission the energy performance certificate or should I organise this?
Following the abolition of HIPs, energy performance certificates was retained a required component of moving property. An energy performance certificate must be to hand before the property is marketed. This is not as aspect of the sale process that conveyancers ordinarily organise. Where you are instructing a Canary Wharf conveyancing solicitor they may be able to arrange energy assessments given their contacts with long established local energy assessors
We previously chose conveyancing lawyers with offices in Canary Wharf on the Lloyds solicitor panel. They have just billed me a separate sum for handling the Lloyds mortgage. Is this an additional conveyancing fee specified by Lloyds?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your conveyancer can charge a fee for this. This charge is not dictated by Lloyds but by your Canary Wharf solicitor. Plenty of firms on the Lloyds panel will quote ’dealing with mortgage’ fee and others do not.
I was told four weeks ago that my mortgage has been agreed to by HSBC. Is it usual for HSBC to only issue the offer once my solicitor in Canary Wharf is approved on their conveyancing panel? HSBC have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for HSBC to deal with your lawyer's application to be on the HSBC conveyancing panel. There's no guarantee that your solicitor will be accepted.
What will a local search inform me regarding the property my wife and I purchasing in Canary Wharf?
Canary Wharf conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for instance Onsearch The local search plays a central part in many a Canary Wharf conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search will reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
I am buying a new build apartment in Canary Wharf. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Canary Wharf
Please confirm the Lease plans are surveyor prepared. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision.
We're new on the property ladder - agreed a price, yet the selling agent informed us that the seller will only proceed if we appoint their chosen solicitors as they are insisting on a ‘quick sale’. Our preferred option is to instruct a local solicitor with experience of conveyancing in Canary Wharf
It is unlikely the owners are driving this. Should the seller desire ‘a quick sale', taking such a hostile approach to a motivated purchaser is likely to cause more damage than good. Speak to the vendors direct and explain that (a)you are serious purchasers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you are going to instruct your own,trusted Canary Wharf conveyancing firm - as opposed tothose that will earn the estate agent a commission or achieve conveyancing thresholds set by senior management.