Is the fact that my solicitor in Canary Wharf is not listed on my mortgage company's conveyancing panel that there is a problem with the quality of his work?
It would be unwise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Canary Wharf conveyancing firm and ask them why they are no longer on the approved list for your bank.
I own a freehold house in Canary Wharf yet pay rent, why is this and what is this?
It is rare 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 after 2037 will be dispensed with completely.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Canary Wharf. My lender is Chelsea Building Society
Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 19/9/2019, the requirements read as follows :
Forgive me if this question is silly but I am new to the home buying as FTB of a two bedroom flat in Canary Wharf. Do I pick up the keys to the property on completion from my conveyancer? If so, I will use a High Street conveyancing solicitor in Canary Wharf?
On the day of completion you do not need to attend the conveyancers office in Canary Wharf. Your solicitors will arrange to send the purchase money to the owner’s conveyancers, and once they have received this, you should be invited to receive the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
I happen to be the sole beneficiary of my late mum's will and I have everything in my name alone, including the house in Canary Wharf. The Canary Wharf property was put into my name in August. I want to move. I understand that there is a CML 6 month 'rule', which means that my property ownership could be treated the same way as if I'd bought the house in August. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. many lenders would take a sensible view as this provision is principally there to identify subsales or the quick reselling of properties.
Does a directory service exist listing Yorkshire BS panel conveyancers in Canary Wharf on the Building Society Association’s Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of banks make their panel listings available over the internet. If you are looking for a Canary Wharf conveyancer on the Yorkshire BS please make the most of our facility.
A relative advised me that if I am purchasing in Canary Wharf I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally included in the estimate for your Canary Wharf conveyancing searches. It is a large report of about 40 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 local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information concerning Canary Wharf.
Hoping to buy a property located in Canary Wharf and I am already nervous. I couldn't find anything specific about Canary Wharf. Conveyancing will be needed in due course but do you know about the Canary Wharf area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Canary Wharf. In the meantime here are some basic statistics that we found