Last March we completed a house move in Mayfair. We have noticed several issues with the house which we believe were omitted in the conveyancing searches. Is there anything we can do? Can you clarify the type of searches that needed to have been conducted as part of conveyancing in Mayfair?
It is not clear from the question as to the nature of the problems and if they are specific to conveyancing in Mayfair. Conveyancing searches and investigations undertaken as part of the legal transfer of property are supposed to help avoid problems. As part of the process, the vendor fills in a form referred to as a Seller’s Property Information Form. If the information is inaccurate, you may have a misrepresentation claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Mayfair.
We note that you have a post code search directory identifying firms on the Leeds Building Society conveyancing panel. Do firms pay you a referral fee if I retain them for our conveyancing in Mayfair?
We are a listing service only for law firms wishing to communicate if they are on the Leeds Building Society conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Mayfair.
I am buying a new build house in Mayfair benefiting from help to buy. The builders refused to budge the amount so I negotiated £7000 of additionals instead. The estate agent advised me not reveal to my conveyancer about this deal as it could put at risk my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I opted to have a survey completed on a house in Mayfair in advance of retaining lawyers. I have been advised that there is a flying freehold element to the house. My surveyor has said that some banks will refuse to issue a loan on this type of home.
It varies from the lender to lender. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Mayfair. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are novice buyers - agreed a price, but the property agent told us that the vendor will only issue a contract if we instruct the agent's preferred solicitors as they need an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer used to conveyancing in Mayfair
It is unlikely the vendors are behind this. Should the vendor desire ‘a quick sale', taking such a hostile approach to a serious purchaser is going to damage their objectives. Contact the owners directly and make sure they understand (a)you are serious buyers (b)you are excited to move forward, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)but you are going to appoint your preferred Mayfair conveyancing solicitors - not the ones that will provide their estate agent a kickback or meet his conveyancing thresholds set by corporate headquarters.
I am attracted to a two flats in Mayfair which have in the region of 50 years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Mayfair is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Mayfair conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Mayfair conveyancing firm to help?
Most definitely. We can put you in touch with a Mayfair conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Mayfair property 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 related to 1 flat. The unexpired term was 21 years.