All was ready to move into my new home in Paddington next Thursday. My lawyer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the mortgage company expect the insurance to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These requirements are not specific to conveyancing in Paddington.
I bought my home on 6 September and my personal details is not yet registered. Any reason for this? My conveyancing solicitor in Paddington said it should be formalised inside ten days. Are transfers in Paddington uniquely lengthy to register?
As far as conveyancing in Paddington registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timeframes can vary subject to the party submitting the application, whether it is in order and whether the Land registry need to notify any interested parties. Currently roughly three quarters of submission are completed in less than three weeks but some can be subject to extensive hold-ups. Historically registration occurs once the new owner is living at the property therefore registration formalities is not usually an essential issue but where there is a degree of urgency associated with the registration then you or your solicitor must communicate with the Registry to express the reasoning for the application to be prioritised.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Paddington. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Paddington
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are architect prepared.
I decided to have a survey done on a property in Paddington in advance of instructing conveyancers. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some banks tend refuse to grant a loan on a flying freehold home.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Paddington. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Paddington to see if the conveyancing will be more expensive.
What advice can you give us when it comes to choosing a Paddington conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Paddington conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Paddington conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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If they are not ALEP accredited then what is the reason?
Having spent years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Paddington. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to arrive at 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 was in relation to 2 flats. The unexpired residue of the current lease was 24.02 years.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the lender conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the lender solicitor panel.