We are planning to acquire a flat and need a conveyancing solicitor in Paddington who is on the HSBC approved panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for HSBC . We don't recommend any particular firms conducting conveyancing in Paddington.
How does conveyancing in Paddington differ for newly converted properties?
Most buyers of new build premises in Paddington come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is built. This is because builders in Paddington tend to buy 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 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 used to new build conveyancing in Paddington or who has acted in the same development.
Is it possible to change firm as I need to instruct a firm on the Virgin Money conveyancing list. I had appointed a family conveyancing solicitor in Paddington round the corner but the firm is not accepted by Virgin Money
We will our best to assist in finding you a conveyancing solicitor in Paddington on the Virgin Money panel. Please note that the conveyancers that we work with do not pay us fee if you instruct them and are regulated by the SRA who oversee all conveyancing solicitors in Paddington. Using search facility on this site, you can compare fees for conveyancing solicitors in Paddington and beyond.
We're first time buyers - had an offer accepted, but the agent told us that the owners will only issue a contract if we use the agent's chosen conveyancers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a family conveyancer accustomed to conveyancing in Paddington
It is improbable the vendors are driving this. Should the vendor require ‘a quick sale', alienating a motivated buyer is not the way to achieve this. Bypass the agents and go straight to the owners and make sure they understand (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you will continue to use your preferred Paddington conveyancing solicitors - rather thanthose that will provide their negotiator at the agency a commission or achieve conveyancing figures demanded by HQ.
I am looking at a couple of flats in Paddington which have about fifty years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Paddington is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most buyers and banks, leases with under eighty 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 property 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 success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Paddington conveyancing firm to help?
Where there is a missing landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to judgment on the price payable.
An example of a Lease Extension decision for a Paddington premises 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 related to 2 flats. The unexpired lease term was 24.02 years.
Been reading online that Paddington solicitors are more costly than Paddington conveyancers in Paddington when it comes to purchasing a house. So is it better if I use a conveyancer or a solicitor if I am buying a property in Paddington.
When it comes to conveyancing in Paddington the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.