It has come to my attention via my mortgage broker that my Paddington lawyer is not on the lender Conveyancing panel. What can I do to check?
The sensible course of action for you to take is to call your Paddington lawyer directly. You lawyer should inform you of the situation. If they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your lender.
My husband and I are purchasing a purpose built apartment in Paddington with a loan from Godiva Mortgages Ltd.We use our Paddington conveyancing lawyer but Godiva Mortgages Ltd says her practice is not listed on their approved list of member firms. We have to appoint a Godiva Mortgages Ltd panel firm or keep our high street solicitor and pay for a Godiva Mortgages Ltd panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan issued to you is subject to its various provisions, one of which will be that solicitors must be on the Godiva Mortgages Ltd conveyancing panel. in the past, most lenders had large numbers of solicitors 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 lawyer to apply to be on the conveyancing panel for Godiva Mortgages Ltd
I require quick conveyancing in Paddington as I am under an ultimatum to sign on the dotted line within one month. A home loan is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are not getting a home loan you are at free not to do searches although no law firm would advise that you don't. With plenty of history conveyancing in Paddington the following are instances of issues that can be revealed and adversely affect future mortgageability: Refused Planning Applications, Overdue Charges, Outstanding Grants, Road Schemes,...
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a quick, no chain conveyancing. Paddington is the location of the property. Can you shed any light on this issue?
Flying freeholds in Paddington are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Paddington you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Paddington 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.
Should I be suspicious about third parties that I am dealing with are recommending a nationwide conveyancing firm as opposed to a High Street Paddington conveyancing firm?
As with lots of professional services, often referrals from family and friends can be worth their weight in gold. Yet there are numerous players in a conveyancing matter; estate agents, mortgage brokers and lenders might all recommend conveyancers to instruct. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there might be a financial incentive behind the recommendation. You are at liberty to appoint your preferred lawyer. You need to be aware that many banks specify a panel list of conveyancers you have to use for the mortgage related work in your home move.
Last April I purchased a leasehold property in Paddington. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Having spent years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Paddington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a Paddington conveyancing firm who can help.
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 affected 2 flats. The unexpired residue of the current lease was 24.02 years.