Last October we completed a house move in Canary Wharf. We have noticed several issues with the house which we consider were missed in the conveyancing searches. Is there anything we can do? Can you clarify the nature of searches that needed to have been carried out as part of conveyancing in Canary Wharf?
The query is vague as to the nature of the problems and if they are specific to conveyancing in Canary Wharf. Conveyancing searches and investigations undertaken during the legal transfer of property are designed to help avoid problems. As part of the legal transfer of property, a seller completes a document known as a Seller’s Property Information Form. answers proves to be inaccurate, you could possibly take legal action against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Canary Wharf.
Should commercial conveyancing searches reveal impending roadworks that may affect a commercial property in Canary Wharf?
Its becoming the norm that commercial conveyancing solicitors in Canary Wharf will execute a SiteSolutions Highways report as it reduces the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Canary Wharf. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Canary Wharf.
For each commercial conveyancing transaction in Canary Wharf it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may cause delays to Canary Wharf commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Canary Wharf.
How does conveyancing in Canary Wharf differ for new build properties?
Most buyers of new build premises in Canary Wharf approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Canary Wharf typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Canary Wharf or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Canary Wharf before retaining lawyers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some banks tend not issue a mortgage on such a property.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Canary Wharf. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I better off to choose a Canary Wharf conveyancing lawyer who is local to the property I am buying? I have an old university friend who can conduct the legal formalities however they are based 300miles drive away.
The benefit of a local Canary Wharf conveyancing practice is that you can attend the office to execute documents, hand in your identification documents and apply pressure on them if necessary. Having local Canary Wharf know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were happy that should trump using an unknown Canary Wharf conveyancing solicitor solely due to them being Canary Wharf based.