I am in the throes of switching my current homeowner mortgage to a Buy to Let Bank of Scotland mortgage. The bank has said that I require a solicitor as part of the process. I spoke to my past South Norwood conveyancing solicitor who dealt with the legals when I previously bought the house. The quote supplied of just over five hundred pounds is surprising as its a refinance than a sale or purchase.
The estimate does seem a little steep. If you are willing to invest time comparing quotes you could trim some of the cost by as much as £125. That being said, assuming were pleased with the conveyancing the firm offered you maylive to regret choosing an a cheaper lawyer. Remember to be sure the firm can act for Bank of Scotland. You can use our search tool to select a South Norwood conveyancing firm on the Bank of Scotland approved list of lawyers, which can often include conveyancing solicitors in South Norwood.
It has been 2 months since my purchase conveyancing in South Norwood concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in South Norwood with a loan from Leeds Building Society. The builders would not move on the amount so I negotiated 6k of additionals instead. The property agent suggested that I not inform my conveyancer about the side-deal as it may impact my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a flat up to £235,500 and identified one close by in South Norwood I like with amenity areas and railway links nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in South Norwood for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan the shortness of the lease will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
Am I best advised to go with a South Norwood conveyancing practitioner who is local to the property I am purchasing? An old friend can handle the legal work but her office is 300miles away.
The primary upside of using a high street South Norwood conveyancing practice is that you can visit the firm to execute paperwork, deliver your ID and pester them if necessary. Having local South Norwood know how is a bonus. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and on the whole were content that must surpass using an unknown South Norwood conveyancing solicitor solely due to them being round the corner.
What advice can you give us when it comes to finding a South Norwood conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a South Norwood conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with several firms including non South Norwood conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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Can they put you in touch with clients in South Norwood who can give a testimonial?
After months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in South Norwood. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to assess the price payable.
An example of a Lease Extension decision for a South Norwood property is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case was in relation to 1 flat. The unexpired lease term was 26.38 years.