My wife and I are looking to purchase a property in Norbiton and have instructed a Norbiton conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. TSB have this afternoon contacted us to inform me that they have now hit a problem as our Norbiton lawyer is not on their approved list of lawyers. Please explain?
Where you are buying a property requiring a mortgage it is standard for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Norbiton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am hoping to move into my new home in Norbiton next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These requirements are not unique to conveyancing in Norbiton.
My apartment in Norbiton is up for sale and I have a purchaser. Does the property lawyer have to be on the Clydesdale conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Clydesdale conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
How does conveyancing in Norbiton differ for new build properties?
Most buyers of new build residence in Norbiton contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Norbiton tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Norbiton or who has acted in the same development.
Hoping to buy a property located in Norbiton and I am already nervous. I couldn't find anything specific about Norbiton. Conveyancing will be needed in due course but do you know about the Norbiton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Norbiton. In the meantime here are some basic statistics that we found
All being well we will complete our sale of a £325,000 garden flat in Norbiton in six days. The managing agents has quoted £336 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Norbiton?
Norbiton conveyancing on leasehold flats usually involves administration charges invoiced by landlords agents :
Completing pre-exchange enquiries
Where consent is required before sale in Norbiton
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Following months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Norbiton. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We can put you in touch with a Norbiton conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Norbiton property is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.