I am not in a position to travel far from Canary Wharf. Please spell out why all Canary Wharf lawyers are not on all lender panels?
Even though it may seem unfair for banks to limit who can act for them, from the public’s or solicitor’s viewpoint, the other side of the coin is that lenders are becoming ever more anxious and feel it essential to shield themselves against illegal activities. As a result of this concern banks are limiting their panel of approved conveyancing lawyers to a manageable size.
The sellers of the property we are looking to purchase hired a conveyancing firm in Canary Wharf who has suggested a preliminary agreement with a payment two thousand pounds. Are such arrangements the norm for Canary Wharf conveyancing transactions?
This type of agreement is not the norm in Canary Wharf, conveyancers are not keen on them as they detract from the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. In addition, there is no certainty that just because the seller has signed a lock out agreement they will sell to you. They may be in contravention of the agreement if they are offered sufficient financial inducement to do so because a wronged buyer with the benefit of a lockout agreement will still be obliged show losses as a consequence of the breach and this may not compare to the financial upside that your vendor may secure by reneging on the contract, no matter how morally condemnable it undoubtedly is.
We decided to purchase a newbuild flat in Canary Wharf with a residential mortgage from Norwich and Peterborough Building Society.We would like to retain our Canary Wharf conveyancing practitioner but Norwich and Peterborough Building Society advised that his firm is not on their approved list of firms. we are left little option but to use a Norwich and Peterborough Building Society panel lawyer or keep our preferred solicitor and fork out for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Norwich and Peterborough Building Society use our lawyer?
No, not really. The loan offered to you is subject to its various provisions, one of which will be that solicitors must be on the Norwich and Peterborough Building Society approved list. in the past, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Norwich and Peterborough Building Society
Have completed on a a detached house in Canary Wharf , What is the estimated time for the Land Registry to record the transfer to my name? My Canary Wharf conveyancing solicitor works at snail pace, so I want to check the land registry aspects are dealt with.
As far as conveyancing in Canary Wharf registration is no quicker or slower than the rest of the country. Rather than based on location, timescales can vary depending on who lodges the application, whether it is in order and whether the Land registry must send notices to any third persons or bodies. As of today approximately 80% of submission are fully dealt with in less than three weeks but occasionally there can be longer hold-ups. Registration occurs once the buyer is living at the property therefore 'speed' is not usually primary concern yet if there is a degree of urgency associated with the registration then you or your lawyers could communicate with the Registry to express the reasoning for the application to be prioritised.
I am purchasing my first flat in Canary Wharf benefiting from help to buy. The sellers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not reveal to my conveyancer about the extras as it would impact my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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 am in need of some leasehold conveyancing in Canary Wharf. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is registered - and almost all are in Canary Wharf - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Canary Wharf conveyancing firm to help?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the LVT to calculate the price payable.
An example of a Freehold Enfranchisement decision for a Canary Wharf property 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 number of years remaining on the existing lease(s) was 101.61 years.