What does my ID and proof of funds have anything to do with my conveyancing in Canary Wharf? What am I being asked for?
To satisfy the Money Laundering Regulations any Canary Wharf conveyancing firm will require evidence of your identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing where you reside.
Under Money Laundering Regulations, conveyancers are duty bound to validate not simply the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this may lead to your lawyer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to inform the relevant authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
We are selling our flat in Canary Wharf. Does the property lawyer need to be required to be on the Nottingham conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Nottingham conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
How does conveyancing in Canary Wharf differ for new build properties?
Most buyers of new build or newly converted property in Canary Wharf approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because developers in Canary Wharf tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Canary Wharf or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a simple, no chain conveyancing. Canary Wharf is the location of the property. Is there any guidance you can give?
Flying freeholds in Canary Wharf are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Canary Wharf you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Canary Wharf may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I was advised by three or four local selling agents in Canary Wharf to locate a conveyancer using your seach tool. What’s the financial inducement for Estate Agents to market your lawyers ahead of another?
We refuse to offer any referral fee for pointing buyers and sellers to this site. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I've recently bought a leasehold property in Canary Wharf. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Following years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Canary Wharf. Can we issue an application to the Residential Property Tribunal Service?
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 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 affected 3 flats. The unexpired residue of the current lease was 101.61 years.