My husband and I are getting closer to an exchange on a flat in Norbury and my parents have sent the 10% deposit to my conveyancer. I am now informed that as the deposit has been received from someone other than me my conveyancing practitioner needs to make a notification to my mortgage company. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I informed the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancing practitioner is obliged to clarify with the bank to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only report this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Can you explain why leasehold purchase conveyancing in Norbury costs more?
In short, leasehold conveyancing in Norbury and South London usually requires additional hours of investigation compared to freehold transactions. This includes reviewing the lease, liaising with the landlord concerning serving applicable notices, procuring up-to-date service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
What does a local search inform me concerning the house we're purchasing in Norbury?
Norbury conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search plays an important role in most Norbury conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search will reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
I'm refinancing my existing house to a BTL loan with Britannia and intend to use the remaining equity towards further property. The location we are talking about is Norbury. Will your lawyers be able to act for both sets of mortgage companies and link together the transactions?
Make use of our comparison tool on this page to check that the conveyancers are on the appropriate lender panels. Having checked that they are your lawyer will be able to simultaneously deal with the two transactions but you should have a chat with you conveyancer and make clear your expectations and needs.
I own a leasehold house in Norbury. Conveyancing and HSBC Bank mortgage went though with no issue. A letter has just been received from someone claiming to own the freehold. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing solicitor in Norbury who previously acted has now retired. Any advice?
First make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Norbury conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a first floor flat in Norbury. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
Most definitely. We are happy to put you in touch with a Norbury conveyancing firm who can help.
An example of a Lease Extension case for a Norbury property is Flat 12, Newlands Court Streatham Common North in May 2012. the decision of the Tribunal was that the premium payable by the Applicants to the Respondent for the new lease of the Premises be £70,140. This case affected 1 flat. The unexpired term was 23.25 years.
I have instructed a Norbury conveyancing solicitor for our house purchase (first time buyers) and have spotted in the terms and conditions that they are not regulated by the FCA. Should I be concerned or is that usually the case with conveyancer?
We can't see why they should be. Most solicitor don't lend money. They should be regulated by the Solicitors Regulation Authority, who dictate specific rules in place on funds held by them.
