Our Canary Wharf lawyer has identified an inconsistency between the information in the home valuation survey and what is revealed within the conveyancing documents. My lawyer has advised that he must ensure that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s approach right?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements 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 you.
we are a couple who are buying a newbuild apartment in Canary Wharf with a homeloan from Birmingham Midshires.We have a Canary Wharf conveyancing lawyer but Birmingham Midshires says he's not listed on their approved list of member firms. We have to appoint a Birmingham Midshires panel solicitor or keep our local solicitor and fork out for a Birmingham Midshires panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The home loan offered to you contains terms and conditions, one of which will be that conveyancers needs to be on the Birmingham Midshires solicitor panel. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Birmingham Midshires
A friend recommended that where I am buying in Canary Wharf I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Canary Wharf conveyancing searches. It is not a small document of more than thirty pages, listing and setting out significant information about Canary Wharf around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Canary Wharf Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Canary Wharf Education with plans and statistics, Local Amenities and other useful data about Canary Wharf.
Am I right to be suspicious by brokers that I am dealing with are suggesting an internet conveyancing firm as opposed to a local Canary Wharf conveyancing practice?
As with lots of professional services, often recommendations from family and friends can be extremely useful or valuable. But there are lots of parties with a keen interest in a conveyancing transaction; estate agents, financial adviser and banks may put forward conveyancers to select. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but sometimes there might be a financial incentive behind the endorsement. You are at liberty to select your preferred lawyer. However, bear in mind that many lenders specify a panel list of solicitors you must use for the mortgage related work in your home move.
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Canary Wharf. Conveyancing advisers have not yet been instructed. Will they explain the issues?
Most houses in Canary Wharf are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Canary Wharf in which case you should be looking for a Canary Wharf conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer will report to you on the legal implications.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Canary Wharf conveyancing firm to act on my behalf?
You certainly can. We can put you in touch with a Canary Wharf conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Canary Wharf flat 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 unexpired residue of the current lease was 101.61 years.
My mum and dad are having problems in finding their Canary Wharf land registry title on the website. They recall that sixty years ago when they acquired the bungalow there were complications concerning Canary Wharf not being identified on some systems.
Nearly all residences in Canary Wharf should be revealed. Have you limited your search to simply the postcode. Usually it will mention all the residences within that postcode. Where recorded it will be there with a title number. Where they bought fifty years ago it's conceivable it may be not yet registered. The property may still be revealed but with the title number shown 'na'. In this scenario you will need to locate the original title papers which could be with your parent’s bank.