Why is leasehold purchase conveyancing in Mayfair is more expensive?
Mayfair leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am buying a new build flat in Mayfair. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Mayfair you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Mayfair.
4 months have gone by following my purchase conveyancing in Mayfair completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the input of my in-laws I had a survey completed on a property in Mayfair before instructing solicitors. I have been informed that there is a flying freehold element to the property. The surveyor advised that some mortgage companies tend not issue a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you e-mail us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Mayfair. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it simple use the search tool to choose a conveyancing solicitor in Mayfair on the authorised to act for my bank?
1st select a bank such as Accord Mortgages Ltd, The Mortgage Works or Clydesdale then type in your preferred area for instance Mayfair. Conveyancing practices in Mayfair and across England and Wales will then be shown.
I've found a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Mayfair. Conveyancing advisers have are about to be appointed. Will they explain the issues?
Most houses in Mayfair are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Mayfair in which case you should be looking for a Mayfair conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your solicitor should advise you fully on all the issues.