I own a freehold premises in South Norwood but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in South Norwood and has limited impact for conveyancing in South Norwood but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
We previously appointed conveyancers with offices in South Norwood on the Barclays solicitor panel. They have just invoiced me a further fee for the legal aspects of the Barclays mortgage. Is this a supplemental conveyancing fee specified by Barclays?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your conveyancer can levy a fee for this. This charge is not set by Barclays but by your South Norwood property lawyer. Plenty of firms on the Barclays panel will charge ’dealing with mortgage’ fee and others do not.
I have a mortgage with Co-operative for my property in South Norwood. Conveyancing was finalised 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Co-operative?
Your original mortgage agreement with Co-operative will provide that you need their approval before letting out your property as this is likely to be a breach of Co-operative’s mortgage conditions. It may be that Co-operative will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel firm.
After what feels like an age I have had an offer on a maisonette in South Norwood agreed to, the vendors do however have an associated purchase. The sellers have put an offer on a flat, but it’s not been accepted yet, and are looking at other flats in the pipeline. I have chosen a high street conveyancing solicitor in South Norwood. What should be my next step? At what point should I apply for the mortgage with Principality?
It is normal to have concerns where there is a chain as you are unlikely to want to incur expenses too early (home loan application is in the region of one thousand pounds, then valuation, South Norwood conveyancing search costs, etc). The first course of action is to check that your lawyer is on the Principality approved list. Regarding the subsequent stages this very much dictated by the circumstances of your case, desire for the property and on the state of the market. During a rising market many home buyers would apply for the mortgage with Principality and arrange for the valuation and only if it was satisfactory would they pay their property lawyer to proceed with the conveyancing in South Norwood.
I have been told that property searches are a common cause of hinderance in South Norwood conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in South Norwood.
Are there restrictive covenants that are commonly identified as part of conveyancing in South Norwood?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing 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…’
I am buying a new build apartment in South Norwood. Conveyancing is a frightening process 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 conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in South Norwood
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please confirm the Lease plans are architect prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
Hoping to buy a property located in South Norwood and I am already nervous. I couldn't find anything specific about South Norwood. Conveyancing will be needed in due course but do you know about the South Norwood area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at South Norwood. In the meantime here are some basic statistics that we found