I am buying a property mortgage free in Canary Wharf. I have been residing for the previous 15 years in Canary Wharf. Conveyancing searches are exorbitant. Given that I have knowledge of the road and vicinity intimately should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a home loan, then the vast majority of the Canary Wharf conveyancing searches are non-obligatory. Your conveyancer will try and sway you, perhaps strongly, that you should have searches done, but she is duty bound to do this. Do consider; if you are intend to dispose of the house one day, it will likely be be of relevance to your future purchaser what the searches determine. On occasion properties with apparent issues can still reveal unfavourable search results. A competent conveyancing solicitor in Canary Wharf should provide you some constructive guidance here.
is it true that all Canary Wharf conveyancing solicitors on the Virgin Money conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Virgin Money conveyancing panel they would need to be governed by the SRA. Some mortgage companies do permit licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.
We previously appointed solicitors based in Canary Wharf on the Clydesdale solicitor panel. They are now charging me an additional sum for dealing with the Clydesdale mortgage. Is this a supplemental conveyancing fee set by Clydesdale?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your conveyancing practitioner can levy a fee for this. The fee is not dictated by Clydesdale but by your Canary Wharf lawyer. Numerous firms on the Clydesdale panel will charge an ‘acting for lender’ fee but plenty of practices include it on their overall fee.
Our sealed bid on a property in Canary Wharf has been accepted, the vendors do however have a dependent purchase. The sellers have put an offer on somewhere, but it’s not yet agreed to, and are looking at other properties booked. I have chosen a nearby conveyancing solicitor in Canary Wharf. What should be my next step? At what point should I apply for the mortgage with Clydesdale?
It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then survey, Canary Wharf conveyancing search fees, etc). The first thing to do is ensure that your property lawyer is on the Clydesdale conveyancing panel. As to the next phase this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. During a hot market some buyers would apply for the mortgage with Clydesdale and pay for the valuation and only if it comes back ok would they request their lawyer to proceed with searches.
I am downsizing from our home in Canary Wharf and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. Any local lawyer would know this is not the case. It does beg the question why the purchasers instructed a factory type conveyancing outfit rather than a conveyancing solicitor in Canary Wharf. Having lived in Canary Wharf for many years we know that this is a non issue. Do we contact our local Authority to get confirmation that there is no issue.
It would appear that you have a conveyancing lawyer currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Are there restrictive covenants that are commonly identified during conveyancing in Canary Wharf?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Canary Wharf. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
About to purchase 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 conveyancing.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Canary Wharf
-
The Vendor must covenant to keep unsold 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? There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are surveyor prepared. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Whilst your website is a good idea there are many lawyers listed near Canary Wharf being on the lender conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for our mortgage company?
We do not recommend specific Canary Wharf firms as the right Canary Wharf conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Canary Wharf knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..