The sellers of the house we are hoping to buy have instructed a conveyancing solicitor in South Norwood who has suggested a exclusivity agreement with a non-refundable deposit of 5k. Are such contracts the norm for South Norwood conveyancing transactions?
Lock out agreements are agreements between a home seller and purchaser giving the buyer a ‘clear field’ to the sale of the premises for a set period of time. Essentially, a lock out agreement is a contract specifying that you will receive a contract at a later date which is the main conveyancing contract. It tends to be used for buyer protection though in many situations, the proprietor may enjoy an upside from such agreements as well. There are many pros and cons to having an agreement but you should to check with your lawyer but note that it may end up costing you more in conveyancing fees. In light of these reasons these contracts are rare in relation to conveyancing in South Norwood.
I am purchasing a terrace house in South Norwood. The intention is to an extension at the rear at the property.Will legal conveyancing on the property include investigations to determine if these works are allowed?
Your conveyancer should check the registered title as conveyancing in South Norwood can on occasion reveal restrictions in the title deeds which restrict certain changes or necessitated the permission of another owner. Some works need local authority planning permissions and approval in accordance building regulations. Certain areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be sensible to check these issues with a surveyor before you commit yourself to a purchase.
Can you point me to a directory of Principality panel conveyancers in South Norwood on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the CML or Building Society Association sites. A small selection of mortgage companies make their panel listings available online. Where you are in need of a South Norwood lawyer on the Principality please use our tool.
We had chosen solicitors based in South Norwood on the Aldermore solicitor panel. They have just invoiced me a separate charge for handling the Aldermore mortgage. Is this an additional conveyancing fee set by Aldermore?
As unfair as it may seem, as long as it’s in their Terms and Conditions or Quote then yes your conveyancer may charge a fee for this. The charge is not dictated by Aldermore but by your South Norwood property lawyer. Some firms on the Aldermore panel will charge ’dealing with mortgage’ fee but many practices include it on their overall fee.
Will my lawyer be asking questions about flooding during the conveyancing in South Norwood.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in South Norwood. There are those who purchase a property in South Norwood, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a number of searches that may be initiated by the buyer or by their conveyancers which should give them a better understanding of the risks in South Norwood. The conventional set of completed inquiry forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the vendor to find out if the property has historically flooded. In the event that the property has been flooded in past and is not revealed by the owner, then a buyer could bring a claim for damages as a result of such an inaccurate response. A buyer’s lawyers may also commission an environmental search. This should indicate if there is a recorded flood risk. If so, further inquiries will need to be conducted.
Are there restrictive covenants that are commonly identified during conveyancing in South Norwood?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in South Norwood. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
The estate agent has sent us the confirmation of our purchase of a new build flat in South Norwood. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in South Norwood
The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one near me in South Norwood I like with a park and transport links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in South Norwood suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.