Just contacted my conveyancing solicitor in Canary Wharf who conducted the legals two years ago requesting a conveyancing costs illustration based on the same type of home move (a leasehold residence and a freehold premises) of similar values with a home loan from Lloyds TSB Bank. I am now being charged twice the amount. Should I look for a cheaper internet firm of conveyancing solicitor?
The costs illustration is slightly on the high side. If you shop around you could trim some of the expense by say £100 plus VAT. On the other hand, providing that you were pleased with the conveyancing the firm offered you maylive to rue opting for an an untested solicitor. If is important to enquire that the firm can represent Lloyds TSB Bank. You can employ our search tool to find a Canary Wharf conveyancing firm on the Lloyds TSB Bank member panel, which can often include conveyancing solicitors in Canary Wharf.
Is it the case that all Canary Wharf conveyancing solicitors on the TSB conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the TSB conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. The majority of mortgage companies do list licenced conveyancers on their panel and in that case the firms would be overseen by the CLC.
I recently had an offer agreed on a house in Canary Wharf. My mortgage broker suggested a conveyancing practitioner. I paid an on account payment of £150. A couple of days later, the lawyer contacted me to say that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Planning on purchasing a maisonette in Canary Wharf. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Canary Wharf conveyancer is on the Coventry BS conveyancing panel.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Canary Wharf?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property 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 am buying a new build house in Canary Wharf with a loan from Barnsley Building Society. The developers refused to budge the price so I negotiated £7000 of additionals instead. The house builders rep told me not inform my solicitor about the side-deal as it may affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 looking for a flat up to £305k and found one near me in Canary Wharf I like with amenity areas and railway links nearby, however it only has 61 remaining years left on the lease. There is not much else in Canary Wharf for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.