My previous conveyancer has quoted £1700 for freehold conveyancing in Norwood. I’m selling a newly refurbished detached home for £125,000. Are these estimated fees excessive? Is it above the average fee for conveyancing in Norwood?
The estimate does seem marginally overpriced. If you shop around you could trim some of the expense by as much as £125. On the other hand, you maylive to regret choosing an an unknown conveyancer. Don't forget to ensure the solicitor can also act for your mortgage company. You can utilise our comparison tool to select a Norwood conveyancing firm on the banks approved list of lawyers which can often include conveyancing solicitors in Norwood.
The vendors of the property we are purchasing have appointed a conveyancing practitioner in Norwood who has insisted on a lock out agreement with a deposit 10k. Are such arrangements the norm for Norwood conveyancing transactions?
Exclusivity contracts are contracts binding a property vendor and prospective buyer granting the buyer a ‘clear field’ to the sale of the premises within a prescribed time frame. For all intents and purposes, a lock out agreement is a contract specifying that you should be issued with a contract at a later time being the contract for the actual sale. It is generally used for buyer confidence though in many situations, the seller may enjoy an upside from such agreements as well. There are many positives and negatives to having an agreement but you need to check with your conveyancer but note that it may end up incurring extra in conveyancing charges. For these reasons these agreements are rare in relation to conveyancing in Norwood.
My wife and I have organised a further advance on our home loan from Leeds Building Society as we want to carry out renovations to our home in Norwood. Are we obliged to select a nearby Norwood solicitor on the Leeds Building Society conveyancing panel to deal with the legals?
Leeds Building Society would not normally require a member of their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society list.
After weeks of negotiation I have agreed a price on a house in Norwood. My financial adviser recommended their conveyancers. I paid an on account payment of £175. A couple of days later, the conveyancing practitioner called me to say that they were not on the Kent Reliance conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Kent Reliance panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I was told two weeks ago that my mortgage has been agreed to by Barclays. Is it usual for Barclays to only issue the offer once my solicitor in Norwood is approved on their conveyancing panel? Barclays have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Norwood differ for new build properties?
Most buyers of new build residence in Norwood come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Norwood tend to acquire the land, 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 used to new build conveyancing in Norwood or who has acted in the same development.
When it comes to my conveyancing in Norwood should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Norwood conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the solicitor's time in submitting the funds this way.