We are intending to buy a 3 bedroom apartment in Maida Vale with a mortgage. We like our Maida Vale lawyer, however the lender says she’s not on their "panel". It seems we have no option but to select one of the bank panel solicitors or continue with our Maida Vale conveyancing practitioner and pay for one of their panel lawyers to act for them. This seems very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms 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 Maida Vale conveyancing lawyer to apply to be on the conveyancing panel.
I have given 8 weeks notice to my existing landlord and must vacate my rented apartment in Maida Vale by 14/9/2021. Conveyancing on my purchase has just started. How realistic is it to complete in three weeks as I wish to avoid having to move into temporary accommodation?
It is unwise to serve notice on a rental until you have exchanged. Assuming that you have not already done so, contact to your conveyancer and request that they apply pressure on the other side, try to an agreed time frame that all parties will look to achieve
I own a freehold residence in Maida Vale yet invoiced for rent, why is this and what is this?
It is rare for properties in Maida Vale and has limited impact for conveyancing in Maida Vale but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I am buying a new build flat in Maida Vale. Conveyancing is daunting 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 conveyancing.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Maida Vale
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. 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 surveyor prepared.
In what way can the Landlord & Tenant Act 1954 affect my business offices in Maida Vale and how can your lawyers assist?
The 1954 Act gives security of tenure to business tenants, giving them the right to apply to court for a new tenancy and continue in occupation when the lease comes to an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Maida Vale is one of our numerous areas of the UK in which our lawyers are located
We own a leasehold flat in Maida Vale. Conveyancing was finished in five years ago. I have been told that I should not let the lease length fall too low. Why is that a problem?
Maida Vale leasehold properties are for a set term - usually 99 years when they commenced. However many appartments in Maida Vale were constructed or converted in the 60’s and so such leases now have less than 80 years remaining. This may sound like plenty of time but Banks, Building Societies and other mortgage lenders tend to require leases to have a minimum of seventy five years unexpired to adequate security. This means that when you come to sell the property you will need a lease extension if you are nearing eighty years. To maximise your property value you should be thinking about whether or not to extend your lease well in advance of selling the property. Furthermore advantages to taking action before the lease reaches even 80 years as when the lease is below 80 years the premium you have to pay to extend starts to get a lot more expensive.