I am in the process of selling my maisonette in Canary Wharf and the estate agent has just e-mailed to warn that the buyers are changing their solicitor. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a leading lender only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Canary Wharf ?
Lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks attribute this action to a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say 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. Some 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. Your buyers are not going to have any sway in the decision.
I note that there are debates on Chancel Insurance on online forums. Am I compelled to take this when buying a residence in Canary Wharf? or I am told that there is historic law that means some house owners residing in a parish church boundary may be liable to contribute towards maintenance to the chancel in proximity to the church. Is this appropriate for conveyancing in Canary Wharf?
Unless a prior purchase of the property took place after 12 October 2013 you could take it that solicitors conducting conveyancing in Canary Wharf to remain encouraging a chancel search and or chancel repair liability policy.
I'm buying a new build house in Canary Wharf with a loan from Godiva Mortgages Ltd. The sellers would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not reveal to my lawyer about the side-deal as it will affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Canary Wharf is the location of the property. What do you suggest?
Flying freeholds in Canary Wharf are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Canary Wharf you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Canary Wharf may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Taking into account that I will soon spend £400,000 on a two bedroom apartment in Canary Wharf I wish to talk to a lawyer concerning thehouse move ahead of instructing the firm. Can this be arranged?
We could not agree more - we would be happy to talk to you we do not take any clients on without you liaising with the solicitor due to be carrying out your conveyancing in Canary Wharf.There is no ‘factory style conveyancing’ - every client is an important person, not a file reference. The solicitors that we put you in touch with believe that the figure you are provided with for your conveyancing in Canary Wharf should be the figure that you are charged.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the lender conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.