Much to our surprise we have been informed by our mortgage broker that my Canary Wharf property lawyer is not on the mortgage company Solicitor panel. How can I check?
Your first step should be to contact your Canary Wharf lawyer directly. It is reasonable to expect your lawyer to notify you what has happened. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your mortgage company.
I sincerely hope you can assist me. My Canary Wharf solicitor is assuring me that he is legally obliged toorder Canary Wharf conveyancing searches becausethe firm are on the Lloydsconveyancing panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Canary Wharf conveyancing searches.
What does my ID and proof of funds have anything to do with my conveyancing in Canary Wharf? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Canary Wharf conveyancing firm will require proof of identity in all conveyancing matters. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing your correct address.
In accordance with Money Laundering Regulations, conveyancing solicitors are duty bound to investigate not just the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this will lead to your conveyancer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the relevant authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
This question may be naive but I am wet behind the ears as a 1st time purchaser of a ground floor flat in Canary Wharf. Do I collect the keys to the premises on completion from my lawyer? If so, I will find a High Street conveyancing solicitor in Canary Wharf?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the owner’s solicitors, and shortly after the monies have arrived, you should be called to pick up the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
My wife and I purchasing a victorian detached house in Canary Wharf. The intention is to an extension at the rear at the house.Will the conveyancing process involve checks to ascertain if these works are prohibited?
Your property lawyer should check the deeds as conveyancing in Canary Wharf can occasionally reveal restrictions in the title deeds which prohibit categories of changes or require the permission of a 3rd party. Certain extensions need local authority planning permissions and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these things with a surveyor prior to committing yourself to a purchase.
I have been told by my solicitor that lack of right of way insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Canary Wharf?
The right level of lack of right of way indemnity insurance should be dictated by who who your lender is. It would differ for example between Accord Mortgages Ltd and Leeds Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
I am downsizing from our property in Canary Wharf and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. Any local conveyancer would know that there is no such problem. It does beg the question why the buyers instructed a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Canary Wharf. Having lived in Canary Wharf for many years we know that this is a non issue. Should we get in touch with our local Authority to seek clarification that there is no issue.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You must 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 sickness)
I've recently bought a leasehold house in Canary Wharf. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Canary Wharf conveyancing firm to help?
if there is a missing landlord or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to decide the amount due.
An example of a Freehold Enfranchisement case for a Canary Wharf residence 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 affected 3 flats. The number of years remaining on the existing lease(s) was 101.61 years.