Me and my fiancee are acquiring our first home. Our solicitor has e-mailedto see if we want to order supplemental conveyancing searches. As novices we have no idea as to what's appropriate for conveyancing in Upper Norwood
The number and type of Upper Norwood conveyancing searches should be dictated primarily on the premises, the location, the likelihood of any of these risks, your knowledge of the area and risks, your overall appetite to risk. What is important is that you adequately comprehend what information each search could give you. Then you can decide if you personally think you need that information. Where you are unclear, ask your property lawyer to recommend.
We're in Upper Norwood, First timers buying with a mortgage (lender is Leeds Building Society , and our solicitor is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Upper Norwood differ for new build properties?
Most buyers of new build or newly converted property in Upper Norwood contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Upper Norwood typically acquire 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 property lawyers 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 used to new build conveyancing in Upper Norwood or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Upper Norwood is where the house is located. Can you shed any light on this issue?
Flying freeholds in Upper Norwood are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Upper Norwood you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Upper Norwood 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.
How do I search for a Upper Norwood law firm on the Santander conveyancing panel? I have a car and am willing to travel upto 20miles to meet the lawyer.
You can use the search on this website. Please select a lender and your location and you will see a number of Upper Norwood conveyancing lawyers locally. We have detailed some Upper Norwood conveyancing firms at the bottom of this page and you can telephone them to see whether they are on the Santander panel
I work for a busy estate agency in Upper Norwood where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Upper Norwood conveyancing firms. Can you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the leaseholder of a second floor flat in Upper Norwood. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
You certainly can. We can put you in touch with a Upper Norwood conveyancing firm who can help.
An example of a Lease Extension case for a Upper Norwood residence 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 number of years remaining on the existing lease(s) was 26.38 years.
