My wife and I are purchasing a 1 bedroom flat in Mayfair with a mortgage. We like our Mayfair conveyancer, however the lender advise he's not on their "panel". It appears that we have no option but to select one of the bank panel firms or keep our Mayfair solicitor as well as pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Mayfair conveyancing solicitor to apply to be on the conveyancing panel.
We are soon to exchange on the purchase of a property in Mayfair but as a result of damage from some water damage at the property I have managed to agree compensation from the seller of £2k taking the form of a deduction in the price. I had intended this to be addressed as part of amending the contract however Virgin Money are not allowing this. Why were they notified?
Your property lawyer that is on the Virgin Money conveyancing panel is obliged to inform Virgin Money of any amendments to the sale price. If you prohibit your conveyancing practitioner to report the reduction to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new solicitor for your conveyancing in Mayfair.
Why is leasehold purchase conveyancing in Mayfair costs more?
The conveyancing fees on a leasehold premises in Mayfair is often greater than on a freehold residence. This is because there is an amount of supplemental work necessary in dealing with the freeholder and managing agents to collate the information about whether the rent and maintenance fee have been cleared and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
Do I have to pop into the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Mayfair so that I can pop in to their offices if necessary.
Nowadays conveyancing panel lawyers for lenders conduct the vast majority of work through Royal Mail, internet or over the phone. This enables them to conduct the legal work for your home move regardless of where you live in England or Wales. That being said you should see if you have the option of going to the offices of your conveyancing lawyer if just in case this is required.
I used Arc property Solicitors several years past for my conveyancing in Mayfair. I now require my papers but the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Mayfair of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Am I right to be concerned about estate agents that I am dealing with are encouraging me to use a web based conveyancing firm rather than a local Mayfair conveyancing company?
As with lots of professional services, often recommendations from family and friends can be very helpful. But there are lots of players in a conveyancing transaction; estate agents, financial adviser and banks might all put forward solicitors to retain. Sometimes the solicitors might be known to one of the organisations as being good in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You are at liberty to appoint your preferred lawyer. Don't forget that most lenders operate an approved list of lawyers you must use for the mortgage related work in your home move.