I am progressing with the sale of my home in Mayfair and the EA has just telephoned to advise that the buyers are changing their property lawyer. I am told that this is due to the fact that the bank will only work with solicitors on their approved list. Why would a big named lender only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Mayfair ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
My husband and I are refinancing our penthouse in Mayfair with Co-operative. We have a son 18 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is repossessed. I have two questions (1) Is this form unique to the Co-operative conveyancing panel as he never had to sign this form when we bought 3 years ago (2) Does our son by signing this giving up his entitlement to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Co-operative. This is solely used to protect Co-operative if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Co-operative had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
There are plenty of conveyancing solicitors in Mayfair but how do I know who I should use?
We would encourage you not to base your choice on the cheapest Mayfair conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
We have agreed to purchase a house in Mayfair. A rare aspect is that the roof has a solar panel. Nottingham have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Nottingham your lawyer must follow the formal instructions contained in Part two of UK Finance Lenders’ Handbook for Nottingham. The CML Handbook contains minimum conditions for solar panel roof-space leases, and lawyers are required to report to Nottingham where a lease fails to satisfy these requirements. The specifications relate to the installation of panels on properties countrywide and is not restricted to Mayfair.
I have finally had an offer on a maisonette in Mayfair agreed to, the vendors do nevertheless have an associated purchase. The owners have offered on a flat, but it’s not been accepted yet, and have viewings of other properties in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Mayfair. What do I do now? When do I get the mortgage application with UBS going?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of one thousand pounds, then survey, Mayfair conveyancing search costs, etc). First, you must ensure that your conveyancer is on the UBS approved list. Regarding the subsequent phase this very much dictated by the specifics of your case, desire for the property and on the state of the market. In a buoyant market the majority of home buyers would apply for a home loan with UBS and arrange for the valuation and only if it comes back ok would they pay their lawyer to press on with the conveyancing in Mayfair.
I am buying a new build apartment in Mayfair. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Mayfair
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore.
Hoping to buy a property located in Mayfair and I am already nervous. I couldn't find anything specific about Mayfair. Conveyancing will be needed in due course but do you know about the Mayfair area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Mayfair. In the meantime here are some basic statistics that we found
I’m about to sell my basement apartment in Mayfair. Conveyancing solicitors are to be appointed soon, however I have recently received a yearly maintenance charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as usual because all ground rent and service payments will be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Mayfair conveyancing firm to act on my behalf?
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 case for a Mayfair premises 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 lease term was 21 years.