I am in a contract race with another buyer for a property in Knightsbridge. What can I do to expedite matters?
First, If the seller is applying a tight deadline to exchange we would recommend that your conveyancer is familiar with the location as they will make use of local relationships and know-how. It is possible that they would have handled otherhomes in the same neighbourhood. You would be best advised to use a Knightsbridge conveyancing firm. Second, check that the lawyer is on the member panel. It is believed that just under twenty per cent of Knightsbridge conveyancing transactions are held up or jeopardised after discovering a buyer’s lawyer was not on their mortgage lender’s panel. In many cases this discovery resulted in the home move being frustrated by an average of 21 days. It is believed that this issue affects approximately 100,000 home moves annually. Most Knightsbridge conveyancing firms can not act for certain mortgage companies so do check at the outset.
There are numerous conveyancing solicitors in Knightsbridge but how do I know who's good?
It would be unwise to be tempted by the cheapest Knightsbridge conveyancing fees. You really do get what you pay for when it comes to property lawyers. 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.
Forgive me if this question is silly but I am wet behind the ears as a 1st time purchaser of a ground floor flat in Knightsbridge. Do I pick up the keys to the house on completion from my solicitor? If so, I will appoint a local conveyancing solicitor in Knightsbridge?
On the day of completion you will not be required to go to the conveyancers office in Knightsbridge. Your solicitors will transfer the completion advance to the vendor’s conveyancers, and shortly after the monies have arrived, you will be called to pick up the keys from the Estate Agents and start moving into the property. Usually this happens between 1 and 3pm.
My wife and I are in the throws of looking at flats in Knightsbridge and I am now considering a potential offer. Is it advisable to have my conveyancing practitioner on ‘stand by’? I am planning to take a mortgage with Yorkshire BS.
It would be prudent to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are obtaining a mortgage with Yorkshire BS, make sure you remember to check that your lawyer is on the Yorkshire BS conveyancing panel.
Are there restrictive covenants that are commonly identified during conveyancing in Knightsbridge?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Knightsbridge. 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 am purchasing a new build house in Knightsbridge with a mortgage from Yorkshire Building Society. The developers refused to budge the price so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not reveal to my lawyer about the deal as it would affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey carried out on a property in Knightsbridge before appointing conveyancers. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some banks may not give a loan on this type of property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Knightsbridge. Conveyancing will be smoother if you use a solicitor in Knightsbridge especially if they are familiar with such properties in Knightsbridge.
I am short of a 10% deposit on my apartment purchase in Knightsbridge , but I am anxious proceed. What can I do?
You can accept a lesser deposit. Many vendors will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second