I'm in the process of switching my current residential loan to a Buy to Let Skipton Building Society mortgage. I have been informed by my broker that I must appoint a solicitor as part of the process. I had a chat my previous Canary Wharf conveyancing solicitor who who conducted the conveyancing when I initially acquired the property. The quote e-mailed to me of £500 has shocked me as its a refinance than a sale or purchase.
The estimate does seem a tad overpriced. Where you are prepared to expend time contrasting quotes you could shave off some of the expense by as much as a hundred pounds. On the other hand, assuming were pleased with the legal work the firm provided you maylive to regret opting for an a cheaper solicitor. Don't forget to ensure the firm can represent Skipton Building Society. You can employ our search tool to select a Canary Wharf conveyancing firm on the Skipton Building Society conveyancing panel, which can often include conveyancing solicitors in Canary Wharf.
What is the first thing I need to know regarding purchase conveyancing in Canary Wharf?
Not many law firms shout this from the rooftops but conveyancing in Canary Wharf or throughout England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there exists an abundance of opportunity for conflict between you and others involved in the legal transfer of property. E.g., the vendor, property agent and even potentially a mortgage company. Appointing a lawyer for your conveyancing in Canary Wharf should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the process whose responsibility is to act in your legal interests and to protect you.
We are witnessing a definite increase in the "blame" culture- someone has to be blamed for the process taking so long. You your first instinct should be to trust your conveyancer ahead of the other parties in the home moving process.
I have 71 years left on my lease and need a lease extension for my flat in Canary Wharf. Conveyancing solicitors on the Accord Mortgages panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 20/11/2024 the requirements read as follows :
I just bought a flat at auction in Canary Wharf. Conveyancing is required. What is next?
Given that you are now exchanged you should find a conveyancing lawyer quickly as you are faced with a fast approaching a fixed date to complete the purchase. Every auction property should have a corresponding legal set of papers. This will likely include evidence of title and search results. Where you are dealing with leasehold premises the legal pack may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You should pass this on to your appointed conveyancing solicitor as soon as possible. You also need to ensure that you have funds in order to complete on the date specified in the contract.
When it comes to mortgage companies such as Yorkshire BS, do Canary Wharf property lawyers face a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
We are getting a further advance on our mortgage from Skipton as we wish to conduct alterations to our home in Canary Wharf. Do we need to appoint a bricks and mortar Canary Wharf solicitor on the Skipton conveyancing panel to handle the paperwork?
Skipton would not normally appoint a member of their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Skipton panel.
The deeds to my house are lost. The solicitors who handled the conveyancing in Canary Wharf 10 years ago have long since closed. What are my options?
Nowadays there are copies made of almost everything, and your conveyancer will be aware exactly where to look for all the relevant documentation so you can purchase or sell your property without a hitch. Where duplicates are not available, your lawyer may be able to put in place insurance or indemnities against future claims on your property.
Can you provide any advice for leasehold conveyancing in Canary Wharf from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Canary Wharf can be avoided if you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the buyers’ conveyancers. If you have had conflict with your freeholder or managing agents it is essential that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unresolved. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unsettled. If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you laid down wooden flooring? Canary Wharf leases often stipulate that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord consenting to such works. Should you dont have the paperwork in place do not contact the landlord without checking with your conveyancer before hand. Some Canary Wharf leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. You may think that you are aware of the number of years remaining on your lease but you should double-check by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to where the remaining number of years is below 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
I own a two-bedroom flat in Canary Wharf. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
You certainly can. We are happy to put you in touch with a Canary Wharf conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Canary Wharf premises 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 remaining number of years on the lease was 101.61 years.