The housing market in Mayfair is hotting up. What can I do to expedite the buying process?
First, If you are under time constraints to sign contracts we would recommend that your lawyer is familiar with the location as they will make use of local contacts and insight. It is even conceivable that they may have conducted otherhouses in the same street. Therefore consider using a Mayfair conveyancing firm. In addition, ensure that the lawyer is on the on the approved list for your mortgage company. It is claimed that nearly one in five of Mayfair conveyancing deals are held up or jeopardised after finding out that a buyer’s solicitor was not on their banks member panel. This can often result in the legal process being held up by an average of 21 days. It is understood that this issue impacts in the region of 100,000 home moves every year. Many Mayfair conveyancing practices can not act for certain banks so do check at the outset.
I require expedited conveyancing in Mayfair as I am faced with an ultimatum to exchange contracts in less than one month. A mortgage is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are are a cash purchaser you are at free not to do searches although no conveyancer would recommend that you don't. With plenty of history conveyancing in Mayfair the following are examples of what can appear and therefore impact future mortgageability: Enforcement Notices, Outstanding Charges, Outstanding Grants, Railway Schemes,...
I decided to have a survey completed on a house in Mayfair in advance of appointing solicitors. I have been told that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies may refuse to issue a loan on such a premises.
It varies from the lender to lender. Santander has different instructions for example to Nationwide. If you call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Mayfair. Conveyancing will be smoother if you use a solicitor in Mayfair especially if they are accustomed to such properties in Mayfair.
Am I best advised to instruct a Mayfair conveyancing practitioner who is local to the property I am purchasing? An old friend can carry out the legal formalities however his firm is located 300miles away.
The benefit of a high street Mayfair conveyancing practice is that you can visit the firm to sign documents, hand in your identification documents and pester them where appropriate. They will also have local intelligence which is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and on the whole were content that should trump using an unknown Mayfair conveyancing solicitor just because they are Mayfair based.
Do you have any advice for leasehold conveyancing in Mayfair with the aim of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Mayfair can be bypassed if you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers’ representatives. If you have the benefit of shareholding in the Management Company, you should ensure that you have the original share certificate. Organising a new share certificate can be a time consuming process and slows down many a Mayfair conveyancing deal. If a reissued share certificate is required, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity. Many freeholders or managing agents in Mayfair levy fees for providing management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Mayfair. If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unsettled. You may think that you are aware of the number of years remaining on your lease but you should verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is below 80 years. It is therefore essential at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.
I inherited a second floor flat in Mayfair. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
if there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the price.
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 as at the valuation date was 21 years.
Builders have put forward a property lawyer and I've sought an estimate from them. It's almost £300 cheaper than my own Mayfair conveyancer. What's the catch?
Housebuilders often have lists of property lawyers who expedite matters and who know the builder's paperwork and lawyer. As many developers offer an inducement to select a preferred property lawyer for this reason, any increased charges can be avoided and a builder won't put forward a conveyancing factory and run the risk of having the conveyancing stall when they require an exchange in 28 days. The argument for not opting for the recommended conveyancing practitioner is that they may prove reluctant to 'push' your interests for fear of upsetting the housebuilder. Where you have concerns that this may be the case you should stick with your local Mayfair conveyancing practitioner.