I am nearing exchange of contracts for my house in Canary Wharf and the estate agent has just telephoned to say that the purchasers are swapping conveyancer. The reason given is that the bank will only engage with solicitors on their approved list. Why would a leading lender only work with certain solicitors rather the firm that they want to select to handle their conveyancing in Canary Wharf ?
Lenders have always had panels of law firms that can act for them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
I own a freehold house in Canary Wharf but still invoiced for 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 have existed for many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
We are buying a 4 bedroom semi-detached house in Canary Wharf. We would like to an extension at the rear at the property.Will the conveyancing process involve enquiries to determine if these works are permitted?
Your conveyancer will review the deeds as conveyancing in Canary Wharf can sometimes reveal restrictions in the title documents which prohibit certain works or necessitated the consent of another owner. Some additions require local authority planning consent and approval under the building regulations. Some locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these issues with a surveyor ahead of any purchase.
Can I be sure that the Canary Wharf conveyancing solicitor on the RBS panel is any good?
When it comes to conveyancing in Canary Wharf getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor handling your conveyancing.
Lloyds have agreed my home loan in principle, my offer on a house in Canary Wharf has been agreed to, what are the next steps?
Your estate agent will want to know who your solicitors are (ensure that the conveyancers are on the bank’s panel). Call up Lloyds or your broker and finalise any appropriate documentation. Lloyds will instruct a valuer who will get in contact with the selling agent or seller to arrange an appointment. Once carried out (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Lloyds will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Canary Wharf.
Due to the guidance of my in-laws I had a survey completed on a property in Canary Wharf ahead of instructing solicitors. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some banks tend not issue a loan on a flying freehold premises.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Canary Wharf. Conveyancing may be slightly more expensive based on your lender's requirements.
Should I go with a Canary Wharf conveyancing practitioner who is local to the property I am purchasing? I have an old university friend who can deal with the legal formalities however his firm is located approximately 350kilometers drive away.
The benefit of a local Canary Wharf conveyancing firm is that you can pop in to sign documents, deliver your ID and apply pressure on them if necessary. Having local Canary Wharf know how is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and on the whole were happy that should surpass using an unfamiliar Canary Wharf conveyancing solicitor solely due to them being based in the area.
Having had my offer accepted I require leasehold conveyancing in Canary Wharf. Before diving in I require certainty as to the number of years remaining on the lease.
If 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.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Canary Wharf conveyancing firm to act on my behalf?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to assess the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Canary Wharf property 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 was in relation to 3 flats. The remaining number of years on the lease was 101.61 years.