Should conveyancers request money on account for my conveyancing in Paddington?
Where you are retaining lawyers for conveyancing in Paddington your lawyer will ask you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the purchase price then this will be asked for shortly in advance of contracts are exchanged. The closing balance that is due should be transferred shortly before completion.
Is it the case that all Paddington solicitor firms on the Bank of Ireland conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Bank of Ireland conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. The majority of mortgage companies do allow licenced conveyancers on their panel in which case such practice would be governed by the CLC.
I currently have a mortgage with Leeds Building Society for my property in Paddington. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
You must advise Leeds Building Society before renting your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. You need not do this via a Leeds Building Society conveyancing panel firm.
Our offer on a property in Paddington has been agreed to, the sellers do however have a tied purchase. The owners have put an offer on on an apartment, but it’s not been accepted yet, and are looking at other flats in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Paddington. What should be my next step? At what stage do I apply for the mortgage with Principality?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then survey, Paddington conveyancing search costs, etc). The first thing to do is ensure that your conveyancer is on the Principality approved list. As to the next stages this very much depends on the circumstances of your transaction, motivation for this property and on the state of the market. During a hot market the majority of purchasers will apply for the mortgage with Principality and arrange for the valuation and only if it comes back ok would they ask their conveyancer to proceed with the conveyancing in Paddington.
How does conveyancing in Paddington differ for new build properties?
Most buyers of new build or newly converted property in Paddington contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is completed. This is because builders in Paddington tend to buy the land, 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 conveyancers 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 accustomed to new build conveyancing in Paddington or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Paddington is the location of the property. Can you offer any assistance?
Flying freeholds in Paddington are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Paddington 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 Paddington 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.
Am I better off to use a Paddington conveyancing solicitor based in the vicinity that I am purchasing? I have an old university friend who can handle the legal work but his firm is located 400miles away.
The benefit of a local Paddington conveyancing practice is that you can attend the office to sign documents, deliver your identification documents and pester them where appropriate. Having local Paddington know how is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and in the main were impressed that must surpass using an unfamiliar Paddington conveyancing solicitor solely due to them being round the corner.
I am attracted to a couple of maisonettes in Paddington which have about fifty years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold flat 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 marketability of the premises. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Paddington conveyancing firm to represent me?
Absolutely. We can put you in touch with a Paddington conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal 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 unexpired lease term was 24.02 years.