I was referred a lawyer who has sent a quote for £1150 for no completion no fee conveyancing in Canary Wharf. I am looking to sell a modern house for £175,000. This sounds expensive. Is it above what I should be paying for conveyancing in Canary Wharf?
The estimate does seem marginally overpriced. Where you are content to expend time comparing fee on a like for like basis you could decrease the fees slightly by as much as £125. That being said, you maylive to regret choosing an an untested conveyancer. If is important to enquire that the solicitor can also act for your bank. You can make use of our comparison tool to locate a Canary Wharf conveyancing practice on the banks member panel which can often include conveyancing solicitors in Canary Wharf.
What does my ID and proof of funds have anything to do with my conveyancing in Canary Wharf? What am I being asked for?
Canary Wharf conveyancing solicitors and indeed property lawyers throughout the UK have an obligation under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill no older than three months).
Confirmation of source of monies is also required under the money laundering statutes as conveyancers have a duty to investigate that the funds you are using to purchase a property (be it the exchange deposit or the total purchase amount if you are buying without a mortgage) has originated from an acceptable source (such as employment savings) as opposed to the proceeds of criminal behaviour.
A colleague pointed out to me me that in purchasing a property in Canary Wharf there may be a number of restrictions prohibiting external changes to the 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 perform external alterations. 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 the case that all Canary Wharf solicitors on the Principality conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Principality approved list of solicitors they would need to be regulated by the SRA. Some lenders do permit licenced conveyancers on their panel in which case such organisation would be regulated by the Council of Licensed Conveyancers.
I am due to exchange contracts on my house. I had a double glazing fitted in June 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Clydesdale are being problematic. The Canary Wharf solicitor who is on the Clydesdale conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Clydesdale are insisting on a building regulation certificate. Why do Clydesdale have a conveyancing panel if they don't accept advice from them?
It is probably the case that Clydesdale have referred the matter to their valuer. The reason why Clydesdale may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Should our lawyer be raising questions about flooding during the conveyancing in Canary Wharf.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Canary Wharf. Some people will acquire a house in Canary Wharf, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to impart advice on flood risk, but there are a number of checks that can be carried out by the buyer or by their lawyers which should figure out the risks in Canary Wharf. The standard information given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to find out if the property has historically flooded. In the event that flooding has previously occurred and is not notified by the vendor, then a buyer may bring a claim for damages resulting from an incorrect reply. The buyer’s solicitors should also conduct an enviro search. This should disclose whether there is any known flood risk. If so, additional inquiries will need to be conducted.
I'm buying a new build house in Canary Wharf with a loan from Coventry Building Society. The developers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not to tell my conveyancer about the deal as it will impact my mortgage with the lender. Is this normal?.
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 opted to have a survey carried out on a property in Canary Wharf prior to retaining solicitors. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some lenders tend refuse to give a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can look into this further via 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 can be more complicated and therefore you should check with your conveyancing solicitor in Canary Wharf to see if the conveyancing costs will increase in light of this.