My fiance and I are hoping to buy a flat in Canary Wharf and are in fact using a Canary Wharf conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. TSB have this morning contacted us to inform me that there is now an issue as our Canary Wharf solicitor is not on their conveyancing panel. Please explain?
Where you are buying a property needing a mortgage it is usual for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Canary Wharf solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
What does my ID and proof of funds have anything to do with my conveyancing in Canary Wharf? Is this really necessary?
It is indeed that case that these requests have nothing to do with conveyancing in Canary Wharf. Nowadays you will not be able to complete any conveyancing deal in the absence handing over proof of your identity. This usually takes the form of a either your passport or driving licence plus a bank statement. Remember if you are providing your driving licence as proof of identification it needs to be both the paper element and photo card part, one is not satisfactory in the absence of the other.
Verification of the source of money is mandated in accordance with the Money Laundering Regulations. You should not be offended when when this is requested of you as your lawyer will need to have this information on record. Your Canary Wharf conveyancing solicitor will need to see evidence of proof of funds prior to accepting any monies from you into their client account and they should also ask further queries concerning the source of funds.
We just had an offer accepted to purchase with Coventry BS. I popped in a couple of local solicitors but am unable to find a Canary Wharf conveyancing firm on the Coventry BS panel. Can you help?
Feel free to take advantage of the search tool on this page. Please choose the mortgage company and type Canary Wharf or your location and you will see numerous conveyancers offices in Canary Wharf or by proximity to you.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when buying a house in Canary Wharf?
Unless a previous purchase of the premises took place post 12 October 2013 you may take it that solicitors carrying out conveyancing in Canary Wharf to remain recommending a chancel search and or chancel repair liability policy.
Am I right to be concerned about estate agents that I am dealing with are encouraging me to use a national conveyancing firm rather than a High Street Canary Wharf conveyancing company?
As with lots of professional services, often input from relatives can be extremely useful or valuable. Yet there are many players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies might all suggest lawyers to choose. Sometimes the solicitors might be known to one of the organisations as being good in their field, but sometimes there may be a financial incentive behind the recommendation. You have the right to select your preferred lawyer. You need to be aware that some banks specify a panel list of lawyers you have to use for the lender related work in your home move.
I am in need of some leasehold conveyancing in Canary Wharf. Before diving in I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and almost all are in Canary Wharf - then the leasehold title will always include the basic details 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.
After years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Canary Wharf. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Canary Wharf premises 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 related to 3 flats. The unexpired term was 101.61 years.