It has come to my attention via my mortgage adviser that my South Norwood solicitor is not on the mortgage company Conveyancing panel. How can I be sure whether this is correct?
The best course of action for you to take is to call your South Norwood lawyer directly. You lawyer should notify you of the situation. If they are not on the panel they may be able to suggest a South Norwood conveyancing practice that is on the approved list of lawyers for your bank.
I am in a contract race with another buyer for a property in South Norwood. What can I do to speed up matters?
In the event that the seller is applying a tight deadline to exchange it is advisable to make sure that your solicitor is familiar with the area as they will have local contacts and insight. It is possible that they could have conducted otherhomes in the same street. You would be best advised to use a South Norwood conveyancing solicitor. Second, make sure that the conveyancing firm is on the on the approved list for your mortgage company. It is believed that just under twenty per cent of South Norwood conveyancing transactions are delayed or derailed after discovering a buyer’s lawyer was not on their mortgage lender’s member panel. In many cases this discovery resulted in the home move being frustrated by an average of three weeks. It is understood that this issue impacts approximately one hundred thousand home sales annually. Almost all South Norwood conveyancing firms can not represent certain banks so do check as early as possible.
Is there a reason why leasehold purchase conveyancing in South Norwood is more expensive?
In short, leasehold conveyancing in South Norwood and South London usually involve extra due diligence compared to freehold transactions. This includes checking the lease terms, liaising with the landlord concerning the service of appropriate notices, obtaining 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.
Should my conveyancer be making enquiries regarding flooding during the conveyancing in South Norwood.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in South Norwood. Some people will buy a property in South Norwood, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a number of searches that can be undertaken by the buyer or by their solicitors which can figure out the risks in South Norwood. The standard completed inquiry forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the seller to determine if the property has suffered from flooding. If flooding has previously occurred which is not disclosed by the seller, then a buyer may commence a legal claim for losses as a result of such an incorrect answer. The purchaser’s conveyancers will also order an environmental search. This should higlight whether there is any known flood risk. If so, additional inquiries should be carried out.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in South Norwood I like with a park and station in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in South Norwood for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I own a leasehold flat in South Norwood. Conveyancing and HSBC Bank mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in South Norwood who acted for me is not around. Do I pay?
First make enquiries of HMLR to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a South Norwood conveyancing lawyer to do this as it can be done on-line for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a South Norwood conveyancing firm to assist?
in cases where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to arrive at the sum to be paid.
An example of a Lease Extension case for a South Norwood premises 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 related to 1 flat. The unexpired term was 26.38 years.