Me and my fiance are planning to purchase a 2 bedroom flat in Mayfair with a mortgage. We have a Mayfair lawyer, however the mortgage company says he's not on their "panel". We have to appoint one of the bank panel firms or retain our Mayfair conveyancer and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Mayfair conveyancing lawyer to apply to be on the conveyancing panel.
Forgive me if this question is silly but I am unexperienced as FTB of a ground floor flat in Mayfair. Do I collect the keys to the property on the completion date from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Mayfair?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the seller's solicitors, and shortly after the monies have arrived, you should be invited to collect the keys from the property Agents and start moving into the property. This tends to happen early afternoon.
Please help - my lawyer advises that lack of building regulations insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Mayfair?
The appropriate level of lack of building regulations indemnity insurance depends on your lender. It would differ for example between Santander and Chelsea Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.
After weeks of negotiation I have agreed a price on a house in Mayfair. My financial adviser recommended their conveyancers. I paid an advanced payment of £225. A few days later, the conveyancing practitioner contacted me sheepishly admitting that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a straight forward, chain free conveyancing. Mayfair is the location of the property. Is there any advice you can give?
Flying freeholds in Mayfair are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mayfair you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mayfair may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am looking into buying my first house which is in Mayfair and I am already nervous. I couldn't find anything specific about Mayfair. Conveyancing will be needed in due course but do you know about the Mayfair area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Mayfair. In the meantime here are some basic statistics that we found
In my capacity as executor for the will of my aunt I am selling a property in Cardiff but reside in Mayfair. My solicitor (based 300 miles from merequires that I sign a stat dec before the transaction finalising. Can you recommend a conveyancing practitioner in Mayfair who can attest and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Ordinarily or notary public or solicitor will be fine regardless of whether they are Mayfair based