Can you explain why leasehold purchase conveyancing in St James's is more expensive?
St James's leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Can you clarify what the consequences are if my solicitor is expelled from the Lloyds Solicitor panel ahead of completing my conveyancing in St James's?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Various web forums that I have frequented warn that are a common reason for delay in St James's conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in St James's.
The deeds to our property are lost. The conveyancers who did the conveyancing in St James's 10 years ago are no longer around. What are my options?
Nowadays there are copies made of almost everything, and your lawyer should be aware exactly where to look for all the relevant documentation so you can buy or sell your property without a hitch. Where duplicates are not available, your lawyer may be able to arrange cover in the form of insurance or indemnities protecting you against future claims on the premises.
How does conveyancing in St James's differ for newly converted properties?
Most buyers of new build or newly converted property in St James's contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in St James's typically buy 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 conveyancing solicitors 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 St James's or who has acted in the same development.
My brother-in-law has suggested I instruct a conveyancing solicitor in St James's. I I would like to check if they are on the bank's approved list of lawyers. Can you help?
One option is to phone the solicitor and ask them if they are on the bank's approved list. If that does not help call us and we can investigate and revert. If they are not on the lender panel we we can help find a reputable conveyancing solicitor in St James's on the panel for your lender.