My lawyer has identified a defect with the lease for the flat we are purchasing in Canary Wharf. The seller’s lawyers have suggested defective title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer says that he must ensure that the lender is willing to move forward with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the mortgage company are the client. These conveyancing instructions must be adhered to.
Why is leasehold purchase conveyancing in Canary Wharf is more expensive?
In short, leasehold conveyancing in Canary Wharf and London usually necessitates additional work compared to freehold transactions. This includes analysing the lease terms, liaising with the landlord about the service of applicable notices, obtaining up-to-date service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
When reviewing mumsnet.com for a cheap lawyer in Canary Wharf, many post that I should look for a CQS kitemarked lawyer. Can you explain what CQS is?
Canary Wharf Conveyancing Quality Scheme solicitors have been granted accreditation under the Law Society's Scheme (CQS) CQS was created to establish evidence of quality standards in the home buying process. CQS helps home movers to identify solicitor firms that provide a quality residential conveyancing. Canary Wharf is one of locations in England and Wales in which accredited firms are located. The conveyancing scheme obliges law firms to undergo a strict assessment, compulsory training, self-certification, random audits and annual reviews in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Building Societies Association.
I have been told that property searches are the main cause of stalling in Canary Wharf conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Canary Wharf.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Canary Wharf. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Canary Wharf
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
What tools are available to locate a Canary Wharf law firm on the Virgin Money conveyancing panel? I have wheels and am happy to travel upto 20kilometers to meet the lawyer.
You can use the facility on this website. Please select a bank and your location and you will see a number of Canary Wharf conveyancing lawyers locally. We have listed some Canary Wharf conveyancing firms towards the end of this page and you can ring them to verify whether they are on the Virgin Money panel