At what point can the exchange of contracts happen for residential conveyancing in City Of London and do I need to be at the solicitors office?

Where you are near to our conveyancing solicitors in City Of London you are welcome to attend to sign contracts. However, the lender approved solicitors we work with provide a countrywide conveyancing service and provide just as comprehensive and professional a job for you when communicating with you digitally. The signing of the property agreement is not the point of no return. A signed contract is necessary for the conveyancer to address the formalities at the suitable time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in City Of London)to be in the office available at the end of the phone to exchange contracts.

I am purchasing a new build flat in City Of London. How practical is it for me to do the conveyancing?

Leaving aside the complexities and merits of DIY conveyancing in City Of London you will have to appoint a solicitor on your mortgage company'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 City Of London.

If you had a top tip for choosing a conveyancing solicitor in City Of London what would it be?

Do not opt for the lowest City Of London conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.

I am helping my aunt sell her property in City Of London. Will the conveyancer commission an energy assessment or it is for the owner to see to?

After the abolition of HIPs, EPC’s was maintained a compulsory element of selling a house. An energy performance certificate should be commissioned prior to the property being advertised. This is not something that solicitors normally arrange. If you are using a City Of London conveyancing lawyer they may help arrange EPC’s due to their relationships with long established local providers

I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my City Of London bank branch on various occasions and was told they are content with the situation and they will lend. My City Of London conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend based on their published requirements. I have no idea who is right.

The property lawyer must follow the Council of Mortgage Lenders’ Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.

About to purchase a new build flat in City Of London. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in City Of London

Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants.

I today plan to offer on a house that seems to meet my requirements, at a great price which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in City Of London. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

Most houses in City Of London are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in City Of London in which case you should be shopping around for a City Of London conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your lawyer should advise you fully on all the issues.

I acquired a split level flat in City Of London, conveyancing having been completed in 2004. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in City Of London with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease comes to an end on 21st October 2087

With only 63 years unexpired we estimate the price of your lease extension to range between £16,200 and £18,600 plus professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.