My wife and I are nearing an exchange on a property in Paddington and my parents have transferred the ten percent deposit to my property lawyer. I am now informed that as the deposit has not arrived from me my conveyancing practitioner needs to disclose this to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
Your conveyancing practitioner is legally required to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Will lawyers ask for money up-front for conveyancing in Paddington?
Where you are retaining lawyers for conveyancing in Paddington your lawyer will request that you put them with monies to cover the search fees. Ordinarily this is requested to cover the fees of the conveyancing searches. When the down payment is as part of the purchase price then this should be needed shortly before exchange of contracts. The final balance that is due will be payable a few days ahead of the completion date.
We're in Paddington, FTBs buying with a mortgage (lender is Kent Reliance , and our lawyer is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I moved into my house on 9 October and my personal details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Paddington expressed confidence that it would be recorded inside ten days. Are titles in Paddington particularly slow to register?
There is nothing unique about conveyancing in Paddington registration formalities. As opposed to being determined by geographic area, timeframes can differ depending on who lodges the application, whether there are errors and if the Land registry communicate with any other persons or bodies. At present roughly 80% of such applications are completed within two weeks but some can be subject to protracted hold-ups. Historically registration is effected after the buyer has moved in to the premises so an expedited registration is not typically top priority but if it is urgent that the the registration takes place urgently then you or your solicitor must contact the land registry and explain the circumstances.
Is it possible to swap firm as I have to choose one who is on the HSBC Bank conveyancing panel. I had appointed a family conveyancing solicitor in Paddington round the corner but she is not approved by HSBC Bank
We will our best to assist in finding you a conveyancing solicitor in Paddington on the HSBC Bank panel. Please note that the law firms that we work with do not pay us commission if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Paddington. Using search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Paddington.
I am looking at a couple of apartments in Paddington which have about forty five years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Paddington is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Paddington conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Paddington. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Paddington conveyancing firm who can help.
An example of a Lease Extension case for a Paddington residence is Flats 37 & 39 88/90 Portland Place in December 2010. The Tribunal determined that the premium payable for the lease extensions in respect of these two flats is as follows:- For Flat 37, the sum of £385,230.00 For Flat 39, the sum of £436,780.00 This case was in relation to 2 flats. The remaining number of years on the lease was 24.02 years.