Why is leasehold purchase conveyancing in Norwood is more expensive?
The conveyancing costs for a leasehold premises in Norwood is inevitably higher than on a freehold transaction. This is due to the additional work necessary in dealing with the landlord and management company to obtain evidence about whether the rent and service charges have been paid and whether there are any significant expenditure in the near future on repairs or maintenance of the block.
Have just purchased a repossessed house at auction in Norwood. Conveyancing is necessary. What happens now?
Now that you are to all intents and purposes signed on the dotted line you should find a conveyancing solicitor as a matter of priority as you are facing a pending a drop dead date to complete the deal. Every auction property will have an associated auction pack. This will likely include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the legal papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You should give this to the solicitor instructed by you ASAP. You also need to ensure that you have funds organised to complete the transaction on the set completion date.
I have today made my last payment due on my mortgage with Coventry BS. I assume I don't need a Norwood lawyer on the Coventry BS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Coventry BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Coventry BS mortgage from the register. Coventry BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
Planning on purchasing a maisonette in Norwood. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Norwood conveyancer is on the Yorkshire BS conveyancing panel.
Should my conveyancer be raising enquiries regarding flooding as part of the conveyancing in Norwood.
The risk of flooding is if increasing concern for lawyers dealing with homes in Norwood. There are those who purchase a property in Norwood, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, however there are a various searches that can be undertaken by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Norwood. The conventional set of property information forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the seller to find out whether the property has historically flooded. If flooding has previously occurred which is not disclosed by the owner, then a buyer could commence a claim for damages resulting from an incorrect response. The purchaser’s conveyancers should also commission an environmental search. This will disclose whether there is a recorded flood risk. If so, more detailed inquiries should be initiated.
I have been on the look out for a flat up to £235,500 and found one near me in Norwood I like with a park and transport links nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Norwood in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan that many years may be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
In what way does the Landlord & Tenant Act 1954 affect my commercial property in Norwood and how can your lawyers assist?
The particular law that you refer to provides protection to business leaseholders, giving them the legal entitlement to make a request to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and help with commercial conveyancing in Norwood
In my capacity as executor for the estate of my father I am selling a property in Neath but live in Norwood. My conveyancer (approximately 300 miles from mehas requested that I sign a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing solicitor in Norwood to attest and place their company stamp on the document?
Technically speaking you should not need to have the documents attested by a conveyancing solicitor. Normally any notary public or qualified solicitor will suffice regardless of whether they are Norwood based