Our conveyancer has identified a defect with the lease for the flat we are purchasing in Norfolk. The other side have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that he must check that the bank is content with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. The appropriate lender specifications must be adhered to.
Are there restrictive covenants that are commonly picked up during conveyancing in Norfolk?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Norfolk. 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…’
About to purchase a new build apartment in Norfolk. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Norfolk
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Please confirm the Lease plans are surveyor prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision. 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.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Norfolk is where the house is located. Can you shed any light on this issue?
Flying freeholds in Norfolk are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Norfolk you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Norfolk 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.
In my capacity as executor for the estate of my father I am selling a property in Newport but reside in Norfolk. My solicitor (approximately 300 kilometers from merequires that I execute a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing practitioner in Norfolk who can attest this legal document for me?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will be fine regardless of whether they are Norfolk based