I purchased a freehold residence in Canary Wharf but nevertheless charged rent, why is this and what is this?
It’s unusual 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 date back 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 one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Canary Wharf. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 17/9/2022, the requirements read as follows :
A friend pointed out to me me that in purchasing a property in Canary Wharf there could be various restrictions prohibiting external changes to a property. Is this right?
We are aware of anumerous of properties in Canary Wharf which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Canary Wharf should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
is it true that all Canary Wharf solicitors on the HSBC conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the HSBC approved list of solicitors they would need to be governed by the SRA. Some banks do list licenced conveyancers on their panel and in such a situation the firms would be regulated by the Council of Licensed Conveyancers.
I have decided to exercise my right to buy my property in Canary Wharf off the council. I have a mortgage agreed with Aldermore. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
The deeds to my house can not be found. The solicitors who dealt with the conveyancing in Canary Wharf 10 years ago no longer exist. What do I do?
Assuming the title is registered the details of your ownership will be retained by the Land Registry under a Title Number. It is possible to carry out a search at the Land Registry, identify your house and secure current copies of the Registered Entries for less than a fiver. Where the property is Leasehold then the Land Registry will usually hold a file copy of the Registered Lease and again, a copy can be retrieved for twenty pounds.
Do I need to be concerned by 3rd parties that I am dealing with are suggesting a factory type conveyancing firm as opposed to a local Canary Wharf conveyancing practice?
As with lots of professional services, often referrals from family and friends can be most helpful. But there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and lenders may recommend lawyers to appoint. On occasion these 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 some lenders specify a panel list of solicitors you must use for the lender related work in your conveyancing.
Would local authority permission be required to split a house into multiple flats in Canary Wharf? This has occurred to a house adjacent to my home in Canary Wharf and was not aware of the conversion until it was complete.
Planning consent is necessary for converting a single dwelling in Canary Wharf into apartments but possibly not for reverting once again to single dwelling-house so, simply put, yes.