We were about to retain a conveyancing solicitor in Norwich listed on your site but have come across some other fee calculations via the web look less expensive – why is this?
One can find plenty of firms advertising supposedly £99 conveyancing, yet more often than not extrafees end up with the final bill markedly uplifted. Solicitors ought to ensure charges contained in terms and conditions should be equitable raised The conveyancers that we put forward for conveyancing in Norwich clearly state all costs for a residential conveyancing transaction.
At what point can the exchange of contracts occur in domestic conveyancing in Norwich and do I need to be at the solicitors office?
If you are local to our conveyancing solicitors in Norwich you are welcome to attend to sign the paperwork. That being said, the lender approved solicitors we recommend offer a countrywide conveyancing service and provide just as diligent and professional a job for you when communicating with you digitally. The signing of the property agreement is not when everything is set in stone. Signing on the dotted line simply enables the firm to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Norwich)to be in the office available at the end of the phone to exchange contracts.
My bid for a property was accepted at auction in Norwich. Conveyancing is necessary. What happens now?
Now that you have exchanged you now have to hire the services of a conveyancing solicitor as a matter of urgency as you are faced with a tight a fixed date to complete the deal. Every auction property will have a bespoke auction pack. This will include the copy title deeds, local authority and drainage searches. In the case of leasehold property the conveyancing pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You should hand this to your appointed conveyancing solicitor ASAP. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.
I am the only beneficiary of my late grandmother’s will and I have everything in my name now, including the my former home in Norwich. Conveyancing formalities meant that the Land Registry date was in June. I want to move. I do know about the CML six month 'rule', which means that my proprietorship may be treated the same way as if I'd bought the property in June. Will no one buy the property for half a year?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. many lenders would take a pragmatic view as this requirement is chiefly there to identify the purchase and immediately sell or the flipping of properties.
I was told four weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Norwich is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Norwich differ for newly converted properties?
Most buyers of new build premises in Norwich approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is built. This is because developers in Norwich typically purchase the site, 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 accustomed to new build conveyancing in Norwich or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Norwich is where the house is located. Can you shed any light on this issue?
Flying freeholds in Norwich are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Norwich you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Norwich may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What are the frequently found problems that you encounter in leases for Norwich properties?
There is nothing unique about leasehold conveyancing in Norwich. All leases are unique and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain elements of the premises
You will encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, The Mortgage Works, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.
I acquired a ground floor flat in Norwich, conveyancing having been completed 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Norwich with an extended lease are worth £192,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ceases on 21st October 2079
With just 54 years left to run the likely cost is going to span between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.