My husband and I are hoping to purchase a property in Mayfair and are in fact using a Mayfair conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Bank of Ireland have this afternoon contacted us to advise us that there is now an issue as our Mayfair lawyer is not on their approved list of lawyers. Is this a problem?
If you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Mayfair lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I am acquiring a property for cash in Mayfair. I have been residing for the last 20 years in Mayfair. Conveyancing searches are a lot of money. As I know the road and vicinity very well must I have all the conveyancing searches?
Provided that you do not need a mortgage, then almost all of the Mayfair conveyancing searches are at your discretion. Your lawyer will try and steer you, no-doubt strongly, that you should have searches completed, but he is duty bound to do this. One thing to bear in mind; if you are going to sell the house in the future, it could be of importance to your prospective buyer what the searches reveal. There are plenty of instances where houses with apparent issues can still show up detrimental search results. A good conveyancing solicitor in Mayfair will be able to give you some sensible guidance in this regard.
Are there restrictive covenants that are commonly identified as part of conveyancing in Mayfair?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Mayfair. 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've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Mayfair is where the house is located. What do you suggest?
Flying freeholds in Mayfair are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mayfair you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mayfair may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My business partner and I are planning to lease a unit on a shopping parade. Can you recommend solicitors offering no-move-no costs for non-domestic conveyancing in Mayfair for under £2000?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Mayfair, including the sale and acquisition of businesses as well as simply premises. Whether you are hoping to buy or sell a shop, pub, restaurant, office, retail unit or a complete business we will find you the right solicitor. Regarding the costs this will depend on the structure and complexity of the deal. Please provide us with your contact information or call us so that we can provide you with a detailed commercial conveyancing quote.
Can you provide any top tips for leasehold conveyancing in Mayfair from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Mayfair can be bypassed if you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers. If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Mayfair state that internal structural alterations or installing wooden flooring calls for a licence from the Landlord approving such changes. If you dont have the consents to hand do not communicate with the landlord without checking with your solicitor before hand. Some Mayfair leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. Many landlords or Management Companies in Mayfair levy fees for supplying management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common cause of delay in leasehold conveyancing in Mayfair.
Following years of negotiations we simply can't 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?
You certainly can. 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 residence 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.