I had intended to instruct a property lawyer in Paddington for our house purchase. Our financial adviser has since advised us that our mortgage lenders won't deal with them. Why is this not regarded as unfair competition?

A decade ago most mortgage companies had a different appetite for risk. Almost all Paddington conveyancing firms would have been on most mortgage company panels. The Financial Services Authority in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms regarding their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum number of transactions. Many Paddington conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Paddington is one of the numerous locations where the solicitors showing on our search results are members of the panel for .

How does conveyancing in Paddington differ for new build properties?

Most buyers of new build or newly converted property in Paddington contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Paddington typically purchase the site, 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 property lawyers 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 accustomed to new build conveyancing in Paddington or who has acted in the same development.

Is it best to appoint a Paddington conveyancing solicitor who is local to the property I am hoping to buy? We have a good friend who can perform the conveyancing but they are based 300miles drive away.

The primary upside of using a local Paddington conveyancing firm is that you can visit the firm to sign documents, present your identification documents and pester them if necessary. Having local Paddington know how is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were impressed that should trump using an unfamiliar Paddington conveyancing solicitor just because they are based in the area.

I am tempted by the attractive purchase price for a two maisonettes in Paddington both have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this field.

I inherited a studio flat in Paddington, conveyancing was carried out in 1995. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Paddington with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 50

With 50 years unexpired the likely cost is going to span between £36,100 and £41,800 plus professional fees.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.

Is it true that a Paddington conveyancing solicitor has court proceedings brought against them by clients for failing to conduct comprehensive conveyancing searches?

We are not aware of such a Paddington conveyancing matter but it has been reported that, clients purchasing a property in Cumbria successfully won a claim against their as a consequence of development permission to build a wind farm not being picked up in conveyancing searches.

If you are purchasing in Paddington It is critical that your purchase all Paddington conveyancing searches required to ensure you have relevant and current information before purchasing a home in Paddington.