Why do I have to pay up front for conveyancing in Norwood Green?
Where you are retaining lawyers for conveyancing in Norwood Green your lawyer will ask you to provide them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the total price then this will be required immediately in advance of contracts are exchanged. The closing balance that is due will be payable a couple of days prior to the day of completion.
I appreciate that there are debates on Chancel Insurance on online forums. Do I require this when purchasing a residence in Norwood Green? or Apparently there is a law dating back centuries that could mean that owners of property residing in a parish church boundary may be liable to pay for repairs to the chancel in proximity to the church. Is this relevant for conveyancing in Norwood Green?
Unless a prior acquisition of the premises completed post 12 October 2013 you could take it that solicitors carrying out conveyancing in Norwood Green to continue to propose a a chancel search and or chancel repair liability insurance.
I have been on the look out for a ground for flat up to £245,000 and found one round the corner in Norwood Green I like with a park and station in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Norwood Green for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
What does commercial conveyancing in Norwood Green cover?
Commercial conveyancing in Norwood Green covers a broad array of services, given by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I've recently bought a leasehold flat in Norwood Green. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
After months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Norwood Green. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Norwood Green conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Norwood Green premises is 6 Jessamine Road in August 2013. The Tribunals valuation (as annexed to the decision) calculated the amount payable as £18,355 for the freehold reversion This case related to 2 flats. The unexpired term was 72.39 years.
I own a leasehold flat in Norwood Green. Conveyancing was finalised in 21012. I have heard that I mustn’t let the lease length get too short. Why is that a problem?
Norwood Green residential long term leases are for a fixed term - often just under one hundred years when they commenced. However many flats in Norwood Green were constructed or converted 30 or more years ago and so these leases now have fewer than 80 years remaining. That may seem like plenty of time but Banks, Building Societies and other mortgage lenders generally need leases to have a minimum of 75 years left to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing seventy five years. To maximise the saleability of your property you should be thinking about whether or not to extend your lease long before you come to sell it. Please note that there are advantages to taking action before the lease reaches even 80 years as when the lease falls below 80 years the amount to be paid to extend starts to get a lot more expensive.