My husband and I swapping mortgage lender for our penthouse in Paddington with Coventry BS. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have two concerns (1) Is this document specific to the Coventry BS conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Coventry BS. This is solely used to protect Coventry BS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Coventry BS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Can you explain why leasehold purchase conveyancing in Paddington is more expensive?
In short, leasehold conveyancing in Paddington and London usually requires additional due diligence compared to freehold transactions. This includes reviewing the lease, communicating with the landlord about the service of required notices, procuring up-to-date service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first granted.
I bought my flat on 7 May and my personal details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Paddington advises it would be concluded inside ten days. Are properties in Paddington uniquely lengthy to register?
As far as conveyancing in Paddington registration is no faster or slower than the rest of the country. Rather than based on location, timeframes can adjust according to the party submitting the application, whether there are errors and whether the Land registry communicate with any other parties. As of today in the region of three quarters of such applications are fully addressed in less than three weeks but some can be subject to longer delays. Registration occurs once the buyer has moved in to the property so an expedited registration is not typically top priority yet where there is a degree of urgency associated with the registration then you or your lawyers could speak with the land registry and explain the circumstances.
Just had an offer accepted on a new build flat in Paddington. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Paddington
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Paddington. I have stumble across a web site which appears to be the perfect solution If there is a chance to get all formalities completed via email that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What are your top tips when it comes to appointing a Paddington conveyancing firm to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Paddington conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with two or three firms including non Paddington conveyancing practices before you 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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What are the charges for lease extension work? Can they put you in touch with clients in Paddington who can give a testimonial?
I have had difficulty in trying to purchase the freehold in Paddington. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to assess the price payable.
An example of a Lease Extension decision for a Paddington property 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 term as at the valuation date was 24.02 years.