We are acquiring a new build flat in Mayfair and my conveyancer is advising me that she has to the mortgage company to reveal incentives from the builder. The Estate Agents are hassling me to exchange and my preference is not to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am buying a house and require a conveyancing solicitor in Mayfair who is on the TSB approved. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for TSB in certain locations such as Mayfair. We dont recommend any particular firm.
I am assisting my aunt sell her flat in Mayfair. Will the conveyancing solicitor arrange an energy assessment or it is for me to coordinate?
After the demise of Home Packs, energy performance certificates was retained a required component of moving house. An EPC needs to be to hand prior to the property being placed on the market. This is not a task that conveyancers ordinarily arrange. Where you are using a Mayfair conveyancing solicitor they may be willing to arrange energy performance certificates due to their relationships with long established Mayfair energy assessors
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a Mayfair property lawyer on the HSBC panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
I have a mortgage with Principality for my property in Mayfair. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality?
You must advise Principality in advance of renting your property as this is likely to be a breach of Principality’s mortgage conditions. It may be that Principality will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel firm.
How does conveyancing in Mayfair differ for new build properties?
Most buyers of new build premises in Mayfair come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because developers in Mayfair tend to acquire the land, 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 property lawyers 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 used to new build conveyancing in Mayfair or who has acted in the same development.
My husband and I are FTB’s - agreed a price, yet the selling agent advised that the owners will only move forward if we appoint the agent's chosen conveyancers as they need a ‘quick sale’. My instinct tells me that we should use a high street solicitor who is familiar with conveyancing in Mayfair
We suspect that the seller is not behind this requirement. Should the seller desire ‘a quick sale', alienating a genuine buyer is likely to cause more damage than good. Speak to the vendors direct and explain that (a)you are serious buyers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you intend to instruct your preferred Mayfair conveyancing lawyers - not the ones that will earn their estate agent a referral fee or meet his conveyancing targets demanded by corporate headquarters.
Having spent months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Mayfair. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We are happy to put you in touch with a Mayfair conveyancing firm who can help.
An example of a Lease Extension decision for a Mayfair flat is Flat 1 3 Upper Belgrave Street in December 2010. The Tribunal determined that the price payablefor the Lease extension in respect of the subject premises was £2,202,007 This case affected 1 flat. The unexpired term was 21 years.
What are the common defects that you see in leases for Mayfair properties?
Leasehold conveyancing in Mayfair is not unique. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
A provision for the recovery of money spent for the benefit of another party.
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Coventry Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the buyer to withdraw.