I am progressing with the sale of my house in Canary Wharf and the estate agent has just e-mailed to warn that the buyers are appointing a new solicitor. The excuse is that the lender will only work with solicitors on their conveyancing panel. On what basis would a big named lender only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Canary Wharf ?
Banks have always had an approved set of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
Is it realistic for conveyancing in Canary Wharf to be completed in under a month?
In a situation where the seller is applying time constraints for your conveyancing it is advisable to make sure that your conveyancer is familiar with the area as they will have local connections and know-how. It is even conceivable that they may have conducted otherhomes in the same street. You would be best advised to use a Canary Wharf conveyancing firm. In addition, ensure that the conveyancing firm is on the on the approved list for your mortgage company. It is understood that nearly one in five of Canary Wharf conveyancing deals are frustrated or derailed after discovering a buyer’s lawyer was not on their banks member panel. This can often result in the transaction being held up by almost three weeks. It is understood that this issue impacts approximately 100,000 home moves every year. Almost all Canary Wharf conveyancing practices can not act for certain lenders so do check at the outset.
We just had an offer accepted to buy with Darlington Building Society. I called into a couple of local practices but am struggling to find a Canary Wharf conveyancing firm on the Darlington Building Society approved list. Please you help?
You should make the most of the find a conveyancing panel solicitor tool on this site. Pick the building society and type Canary Wharf or your preferred area and you will see a number of lawyer offices in Canary Wharf or nearest you.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Canary Wharf?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Canary Wharf. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing my first flat in Canary Wharf with the aid of help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not to tell my conveyancer about this deal as it could affect my loan with Bank of Scotland. 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.