We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel solicitor as I would prefer to use a high street conveyancing solicitor in Bayswater?

You should check but the the probability is that appoint one of their panel conveyancers where you want the "fee-free" offer. Call the mortgage company and explore if they offer you a monetary alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Bayswater.

My colleague advised me that where I am purchasing in Bayswater I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?

A search of this type is sometimes quoted for as part of the standard Bayswater conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Bayswater around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Bayswater Education with plans and statistics, Local Amenities and other useful data about Bayswater.

How does conveyancing in Bayswater differ for new build properties?

Most buyers of new build or newly converted property in Bayswater approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Bayswater tend to purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Bayswater or who has acted in the same development.

Over the last few months I have been searching for a ground for flat up to £245,000 and found one near me in Bayswater I like with a park and transport links in the vicinity, however it's only got 51 years on the lease. I can't really find anything else in Bayswater for this price, so just wondered if I would be making a mistake acquiring a short lease?

Should you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.

I inherited a two-bedroom flat in Bayswater. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for the purchase of the freehold?

in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the sum to be paid.

An example of a Lease Extension case for a Bayswater premises is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case related to 1 flat. The number of years remaining on the existing lease(s) was 37.79 years.

What makes a Bayswater lease unmortgageable?

There is nothing unique about leasehold conveyancing in Bayswater. All leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:

Clauses dealing with recovering service charges for expenditure on the building or common parts. Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Halifax, The Mortgage Works, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.