My wife and I are hoping to purchase a flat in Mayfair and have appointed a Mayfair conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Barclays have this evening contacted us to inform me that they have now hit a problem as our Mayfair conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Mayfair lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I require conveyancing for an apartment in a fairly new development (seven years old) in Mayfair. Almost all the properties are already sold. Is it really necessary to order local searches as part of conveyancing in Mayfair?
A big part of the Mayfair legal transfer of property is the conveyancing searches. There are numerous companies conducting Mayfair conveyancing searches, as well direct from the local authority. These are generally termed personal search organisation due to them carrying out, personal searches. Nevertheless, all Local Authority Search conveyancing products have one thing in common - they must obtain their information from the local authority.
Can I use your services to locate a Conveyancing solicitor in Mayfair even if I’m not purchasing or selling a house, for example where I wish to acquire a shop in Mayfair with a loan from The Mortgage Works?
Our search tool is primarily utilised to help choose residential conveyancing solicitors in Mayfair but we have recorded towards the end of this page a selection of Mayfair commercial conveyancing firms. You will need to make contact with the company directly to establish if they are also authorised to represent The Mortgage Works
How does conveyancing in Mayfair differ for newly converted properties?
Most buyers of new build or newly converted property in Mayfair approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because developers in Mayfair typically purchase the site, 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.
I am looking for a ground for flat up to £245,000 and identified one near me in Mayfair I like with amenity areas and transport links nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Mayfair in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the shortness of the lease will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.