I just acquired a house at auction in St James's. Conveyancing is necessary. What happens now?
Given that you have now to in every practical sense signed on the dotted line you must retain a conveyancing solicitor soon as you now have a pending a fixed date to complete the property. An auction property should have an associated legal set of papers. This will include most,if not all of the documents that your solicitor will need. Where you are dealing with leasehold premises the conveyancing pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to leasehold premises. You must pass this on to the conveyancer working for you at the earliest opportunity. Do make sure that that you have the requisite funding organised to complete the transaction on the set completion date.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. St James's is where the house is located. Is there any guidance you can give?
Flying freeholds in St James's are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in St James's you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St James's may decide 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 premises.
What does commercial conveyancing in St James's cover?
St James's conveyancing for business premises incorporates a broad array of services, given by qualified solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.