My partner and I are nearing an exchange on a flat in Mayfair and my parents have transferred the 10% deposit to my conveyancer. I am now told that as the deposit has not come from me my solicitor needs to make a notification to my bank. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The conveyancing practitioner is obliged to check with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Are the Mayfair conveyancing solicitors identified as being on the Aldermore conveyancing panel, together with their details provided by Aldermore?
Mayfair conveyancing firms themselves provide us confirmation that they are on the Aldermore conveyancing panel as opposed to being supplied with a list from Aldermore directly.
I am buying a right to buy a 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 lender'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.
Will my conveyancer be raising enquiries concerning flooding during the conveyancing in Mayfair.
Flooding is a growing risk for solicitors carrying out conveyancing in Mayfair. Plenty of people will acquire a house in Mayfair, fully expectant that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, but there are a number of checks that may be initiated by the buyer or by their solicitors which should figure out the risks in Mayfair. The standard property information forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the seller to determine if the premises has suffered from flooding. In the event that the property has been flooded in past which is not disclosed by the owner, then a purchaser may issue a compensation claim as a result of such an inaccurate response. A buyer’s lawyers should also carry out an enviro search. This should higlight if there is any known flood risk. If so, more detailed inquiries will need to be initiated.
How does conveyancing in Mayfair differ for newly converted properties?
Most buyers of new build residence in Mayfair approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because house builders in Mayfair typically buy the real estate, 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 Mayfair or who has acted in the same development.
Can you provide any top tips for leasehold conveyancing in Mayfair with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Mayfair can be bypassed if you get in touch lawyers as soon as your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the buyers’ lawyers. You believe that you know the number of years left on your lease but you should double-check via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. It is therefore important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. Many landlords or managing agents in Mayfair charge for supplying management packs for a leasehold property. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Mayfair. A minority of Mayfair leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unresolved.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Mayfair conveyancing firm to represent me?
Most certainly. We can put you in touch with a Mayfair conveyancing firm who can help.
An example of a Lease Extension case for a Mayfair flat 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 was in relation to 1 flat. The unexpired term as at the valuation date was 21 years.