Souldusing a Canary Wharf conveyancing firm make the ownership transfer smoother?
Generally conveyancing lawyers in your location will have strong alliances with your local authority, which can help with the Canary Wharf conveyancing searches that your lawyer will require. It can only be a plus if they have existing connections with the Local Land Registry Office your area Canary Wharf, other property lawyers in the location and Canary Wharf selling agents.
I am acquiring a newly built flat in Canary Wharf and my lawyer is advising me that she has to the mortgage company to reveal incentives from the seller. I am on a tight deadline to sign contracts and my preference is not to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Should our conveyancer be asking questions regarding flooding during the conveyancing in Canary Wharf.
The risk of flooding is if increasing concern for lawyers dealing with homes in Canary Wharf. There are those who acquire a house in Canary Wharf, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, however there are a various checks that may be undertaken by the purchaser or by their conveyancers which can figure out the risks in Canary Wharf. The conventional set of completed inquiry forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the vendor to determine if the property has historically flooded. If the property has been flooded in past which is not notified by the seller, then a purchaser may issue a claim for damages as a result of such an incorrect response. A purchaser’s conveyancers will also order an environmental search. This should reveal whether there is any known flood risk. If so, additional investigations will need to be made.
How does conveyancing in Canary Wharf differ for newly converted properties?
Most buyers of new build premises in Canary Wharf approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Canary Wharf usually purchase 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 used to new build conveyancing in Canary Wharf or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Canary Wharf in advance of appointing solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies tend not issue a loan on such a premises.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. If you contact us we can check with the relevant mortgage company. 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 will be smoother if you use a solicitor in Canary Wharf especially if they are accustomed to such properties in Canary Wharf.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Canary Wharf. I happened to discover a site which seems to have the ideal answer If there is a chance to get all this stuff done via web that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?