We wanted to use a conveyancing solicitor in Mayfair for our home move. Our financial adviser informed us that our mortgage lenders Britannia won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Mayfair conveyancing firms would have been on many lender panels. The financial services regulator in 2010 completed a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms regarding their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum number of conveyancing. Many Mayfair conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Mayfair is one of the thousands of areas where the conveyancers showing on our search results are are authorised to act for Britannia.
I have been told that property searches are a common reason for hinderance in Mayfair conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Mayfair.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Mayfair?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Mayfair. 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 decided to have a survey done on a house in Mayfair before instructing solicitors. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies will not grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Lloyds has different instructions from Halifax. If you e-mail us we can investigate further via 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 may be slightly more expensive based on your lender's requirements.
How can the Landlord & Tenant Act 1954 affect my commercial property in Mayfair and how can you help?
The 1954 Act provides security of tenure to commercial leaseholders, giving them the a statutory right to make a request to court for a continuation of occupancy at the end of the lease term. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Mayfair is one of our many areas of the UK in which the firms we work with are based
I require the services of a mortgage company panel solicitor in Mayfair. Can you assist?
Unfortunately it’s not apparent why you need a Mayfair panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the bank to find out which solicitors in Mayfair are on their panel . If you do find such a firm in Mayfair not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site