My mortgage broker says he needs my Paddington lawyer’ panel reference for the Nat West conveyancing panel. How do I discover this. I have contacted my local Paddington office but they have not responded to me.
The sensible thing to do is ask for this information from your Paddington conveyancer . They keep a central record lender panel numbers.
I own a freehold property in Paddington yet charged rent, why is this and what is this?
It’s unusual for properties in Paddington and has limited impact for conveyancing in Paddington 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 date back many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I am refinancing my house in Paddington, does my lawyer need to be on the Santander Solicitor panel?
In theory, you could use a solicitor that is not on the Santander conveyancing panel, but Santander would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I had a mortgage agreed in principle with Coventry BS. Paddington conveyancing solicitors were selected. How long does it take for Coventry BS to send the offer to the property lawyer?
There is no definitive answer here. Have Coventry BS completed the valuation? Have you informed Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
The formalities of my remortgage has taken place for my property in Paddington. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
After months of negotiation I have agreed a price on an apartment in Paddington. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. A few days later, the conveyancing practitioner called me sheepishly admitting that they were not on the Leeds Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Leeds Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am looking for a flat up to £195,000 and found one close by in Paddington I like with amenity areas and station nearby, however it only has 52 years on the lease. There is not much else in Paddington for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage that many years will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I am hoping to complete next month on a basement flat in Paddington. Conveyancing solicitors have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Paddington should include some of the following:
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Are pets allowed in the flat? An explanation as to the provision in the lease to to contribute towards maintenance costs - in relation to the building, and the wider rights a lessee has It needs to be made clear to you whether the lease allows you to add or upgrade anything in the flat- you should know whether any restrictions applies to all alterations or limited to structural alteration, and whether licences for alterations is required if lease provides for a reserve fund? How long the lease is. You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years
After months of correspondence we cannot 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?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the price payable.
An example of a Lease Extension case for a Paddington flat 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 remaining number of years on the lease was 24.02 years.