I was notified yesterday by my broker that my Canary Wharf property lawyer is not on the mortgage company Conveyancing panel. What can I do to be certain that this is indeed the case?
You need to call your Canary Wharf lawyer directly. You lawyer should notify you of the situation. If they are not on the panel they may be able to suggest a Canary Wharf conveyancing firm that is on the conveyancing panel for your lender.
I own a freehold premises in Canary Wharf yet charged rent, why is this and what is this?
It’s unusual for properties in Canary Wharf and has limited impact for conveyancing in Canary Wharf but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
We're in Canary Wharf, First timers purchasing with a mortgage (lender is Yorkshire BS , and our solicitor is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I happen to be the sole recipient of my late grandmother’s estate and I have everything in my name now, including the house in Canary Wharf. The Canary Wharf property was put into my name in March. I want to move. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship may be regarded the same way as if I'd bought the house in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. How sensible a view lenders take of it, depend on the lender as this clause principally exists to identify subsales or the wholesaling and assigning of properties.
Is it the case that all Canary Wharf solicitors on the Clydesdale conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Clydesdale approved list of solicitors they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel and in such a situation the practice would be regulated by the CLC.
At last I have had an offer on an apartment in Canary Wharf agreed to, but there is a chain. The owners have offered on on an apartment, however it’s not yet tied up, and are looking at other flats in the pipeline. I have chosen a local conveyancing solicitor in Canary Wharf. What should be my next step? When do I get the mortgage application with RBS going?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is approx one thousand pounds, then valuation, Canary Wharf conveyancing search charges, etc). The first course of action is to ensure that your solicitor is on the RBS conveyancing panel. As to the subsequent steps this very much depends on the circumstances of your transaction, attraction to the property and on the state of the market. During a rising market many home buyers would apply for a home loan with RBS and pay for the valuation and only if it was satisfactory would they ask their conveyancing practitioner to move forward with searches.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Canary Wharf conveyancing firm to act on my behalf?
if there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to calculate the sum to be paid.
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 term was 101.61 years.
In relation to leasehold conveyancing in Canary Wharf what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Canary Wharf. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
Insurance obligations A provision to repair to or maintain elements of the premises
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Mortgage Works, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.