The property market in Norwood is heating up. What can I do to expedite the conveyancing process?
In a situation where you are under pressure to sign contracts it is advisable to make sure that your lawyer is familiar with the location as they will have local relationships and know-how. It is even conceivable that they may have transacted otherhouses in the same street. Therefore consider using a Norwood conveyancing solicitor. In addition, ensure that the lawyer is on the on the approved list for your mortgage company. It is believed that nearly one in five of Norwood conveyancing deals are frustrated or derailed after finding out that a buyer’s lawyer was not on their banks member panel. This can often result in the conveyancing being delayed by almost three weeks. It is believed that this issue affects in the region of one hundred thousand home sales annually. Most Norwood conveyancing practices can not represent certain mortgage companies so do check at the outset.
We're in Norwood, First time buyers purchasing with a mortgage (lender is Yorkshire BS , and our solicitor is on the Yorkshire BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Yorkshire BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Do commercial conveyancing searches disclose impending roadworks that may affect a commercial site in Norwood?
Its becoming the norm that commercial conveyancing solicitors in Norwood will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Norwood. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Norwood.
For every commercial conveyancing transaction in Norwood it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may cause delays to Norwood commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Norwood.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Norwood?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Norwood. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a quick, chain free conveyancing. Norwood is where the house is located. Is there any guidance you can impart?
Flying freeholds in Norwood are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Norwood you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Norwood may determine 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 premises.
I work for a reputable estate agent office in Norwood where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Norwood conveyancing solicitors. Please can you clarify whether the owner of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a 1st floor flat in Norwood, conveyancing was carried out October 2001. Can you work out an approximate cost of a lease extension? Comparable properties in Norwood with an extended lease are worth £216,000. The ground rent is £50 yearly. The lease expires on 21st October 2094
With just 69 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.