Our Canary Wharf conveyancer has uncovered a difference when comparing the surveyor’s assumptions in the home valuation survey and what is in the legal papers for the property. My solicitor says that he is obliged to ensure that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action appropriate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Can you explain why leasehold purchase conveyancing in Canary Wharf is more expensive?
Canary Wharf leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Do I have to pop into the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Canary Wharf so that I can attend their offices if necessary.
Whereas this was necessary ten years ago, the vast majority banks no longer need their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to hand over identification documents and there are still manifest advantages to choosing a locally based practitioner, in your situation a conveyancing solicitor in Canary Wharf.
I'm buying a new build house in Canary Wharf with a mortgage from Nationwide Building Society. The builders would not budge the amount so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not inform my conveyancer about the side-deal as it could put at risk my mortgage with Nationwide Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I decided to have a survey completed on a property in Canary Wharf before appointing lawyers. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some banks may refuse to issue a mortgage on this type of home.
It depends who your proposed lender is. Lloyds has different instructions for example to Birmingham Midshires. If you e-mail us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Canary Wharf. Conveyancing may be slightly more expensive based on your lender's requirements.
I want to sublet my leasehold apartment in Canary Wharf. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Some leases for properties in Canary Wharf do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I am the registered owner of a basement flat in Canary Wharf. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Absolutely. We are happy to put you in touch with a Canary Wharf conveyancing firm who can help.
An example of a Freehold Enfranchisement decision 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 was in relation to 3 flats. The remaining number of years on the lease was 101.61 years.