I am purchasing a house for cash in Soho. I have resided for the last 20 years in Soho. Conveyancing searches are exorbitant. Given that I know the road and vicinity intimately should I not bother getting the solicitor to do all the conveyancing searches?
In the absence of a home loan, then all but one or two of the Soho conveyancing searches are at your discretion. Your conveyancer will 'advise', perhaps strongly, that you should have searches carried out, but she has a professional duty to take that path of encouragement . One thing to consider; if you are intend to dispose of the house at a future date, it could be of relevance to your prospective purchaser what the searches determine. Sometimes houses with functional issues can still show up unpredicted search results. A good conveyancing solicitor in Soho should provide you some constructive advice here.
I just acquired a house at auction in Soho. Conveyancing is required. What happens now?
Given that you are now exchanged you should hire the services of a conveyancing solicitor quickly as you now have a tight a drop dead date to complete the property. Every auction property will have a bespoke auction pack. This will include evidence of title and search results. If you have purchased leasehold premises the conveyancing papers should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You must give this to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are organised to complete on the on the contractual date .
I happen to be the single recipient of my late mum's will and I have everything in my name alone, including the house in Soho. The Soho property was put into my name in March. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my property ownership will be regarded the same way as if I'd bought the house in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How sensible a view mortgage companies take of it, depend on the bank as this requirement is primarily there to capture the purchase and immediately sell or the quick reselling of properties.
I currently have a mortgage with RBS for my property in Soho. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
RBS must be informed of your intention prior to letting out your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel solicitor.
I have been told that property searches are the number one cause of stalling in Soho conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Soho.
I have been on the look out for a flat up to £195,000 and identified one close by in Soho I like with a park and railway links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Soho in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan that many years will be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I am a sole trader planning to take over a lease of a shop on the high street. Can you recommend lawyers offering no-move-no costs for commercial conveyancing in Soho for less than £2000?
We can recommend firms who have specialist knowledge of commercial conveyancing in Soho, including the sale and purchase of businesses as well as simply premises. If you are intending to buy or lease a shop, pub, restaurant, office, retail premises or a complete business we will find you the right firm. Regarding the fees these will vary based on the structure and terms of the proposed transaction. Let us have your contact information or email us so that we may supply you with comprehensive commercial conveyancing quote.
I dont have enough spare funds to pay a 10% deposit on my flat purchase in Soho , but I still want to proceed. Do I have options?
One option is to try and accept a smaller deposit. Most property owners will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second