I purchased a freehold residence in Norwood but still pay rent, why is this and what is this?
It’s unusual for properties in Norwood and has limited impact for conveyancing in Norwood 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 many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
We are purchasing a house in Norwood. It might be a silly question but how we can trust a lawyer? On completion day we will need to deposit funds into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We previously selected solicitors locally in Norwood on the TSB solicitor approved list. They are now charging me an additional amount for the legal aspects of the TSB mortgage. Is this a supplemental conveyancing fee specified by TSB?
As unfair as it may seem, as long as it’s in their Terms and Conditions or estimate then yes your conveyancer is entitled to charge a fee for this. This charge is not dictated by TSB but by your Norwood solicitor. Numerous firms on the TSB panel will charge ’dealing with mortgage’ fee but plenty of firms incorporate it on their overall fee.
I had a mortgage agreed in principle with Nottingham. Norwood conveyancing solicitors have been instructed. How long does it take for Nottingham to send the offer to the lawyer?
There is no definitive answer here. Have Nottingham completed the valuation? Have you advised Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Norwood is the location of the property. What do you suggest?
Flying freeholds in Norwood are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Norwood you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Norwood may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
What tools are available to locate a Norwood law firm on the Lloyds TSB Bank conveyancing panel? I have wheels and am willing to travel upto 10miles to meet the lawyer.
Feel free to make use of the facility on this website. Please select a bank and your location and you will see a number of Norwood conveyancing lawyers based on proximity. We have detailed some Norwood conveyancing firms at the bottom of this page and you can contact them to see whether they are on the Lloyds TSB Bank panel
Do you have any advice for leasehold conveyancing in Norwood with the intention of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Norwood can be avoided where you instruct lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the buyers’ solicitors. In the event that you altered the property did you need the Landlord’s consent? In particular have you laid down wooden flooring? Most leases in Norwood state that internal structural changes or addition of wooden flooring require a licence issued by the Landlord consenting to such changes. If you fail to have the approvals in place do not communicate with the landlord without checking with your lawyer first. If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to present the dispute as over as opposed to unresolved. You believe that you know the number of years remaining on your lease but it would be advisable double-check via your conveyancers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 80 years. It is therefore important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale.
Norwood Leasehold Conveyancing - A selection of Questions you should ask Prior to buying
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It is important to be aware whether fixing the lift or some other major work is coming up that will be shared amongst the leaseholders and could well dramatically increase the the service costs or result in a one time payment. Are any of leasehold owners in dispute over their service charge payments? Does the lease include onerous restrictions?
How do I establish who owns a property in Norwood?
Provided the premises is recorded at the Land Registry, and you have enough information of the location of the premises, you should be able to obtain results from the the Land Registry of the recorded proprietor for a for less than a fiver.