I am in the throes of switching my current residential home loan to a BTL Santander mortgage. I was told by my financial advisor that I require a solicitor as part of the process. I spoke to the same Norfolk conveyancing practitioner who dealt with the legals when I originally purchased the house. The quote e-mailed to me of £470 has shocked me as its a remortgage than a sale or purchase.
The estimate does seem a tad overpriced. If you are prepared to spend time comparing charges you may be able to get the conveyancing a bit cheaper by perhaps £100 plus VAT. That being said, providing that you were pleased with the conveyancing the firm offered you couldlive to rue choosing an an unknown solicitor. Remember to enquire the solicitor can also act for Santander. You can employ our search tool to find a Norfolk conveyancing firm on the Santander approved list of lawyers, which can often include conveyancing solicitors in Norfolk.
My husband and I are only a couple days away from an exchange on a house in Norfolk and my mum and dad have transferred the exchange deposit to my solicitor. I am now advised that as the deposit has not arrived from me my solicitor needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your lawyer is obliged to clarify with the bank to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
The estate agent has sent us the confirmation of our purchase of a new build flat in Norfolk. Conveyancing is necessary evil 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.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Norfolk
The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. 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 supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I have been on the look out for a flat up to £305k and found one close by in Norfolk I like with a park and station nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Norfolk for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
Last December I purchased a leasehold property in Norfolk. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Norfolk - Examples of Questions you should ask Prior to buying
Many Norfolk leasehold flats will incur a service bill for maintenance of the building set on behalf of the freeholder. Should you buy the apartment you will have to meet this charge, normally periodically accross the year. This may be anything from several hundred pounds to thousands of pounds for blocks with lifts and large common grounds. There will also be a ground rent for you to pay annual, this is usually not a large sum, say about £25-£75 but you need to check as on occasion it could be many hundreds of pounds. Is anyone aware of any major works in the near future that will add a premium to the maintenance fees? What restrictions are contained in the Norfolk Lease?