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Recently asked questions about conveyancing in Norton

Do lawyers request money up-front for conveyancing in Norton?

Where you are retaining lawyers for conveyancing in Norton your lawyer will request that you put them with monies to cover the the cost of the conveyancing searches. Normally this is needed to cover the fees of the Local Authority Search. When the down payment is payable against the total price then this will be asked for shortly prior to contracts are exchanged. The final balance that is due will be payable shortly before completion.

I have 70 years remaining on my lease and need a lease extension for my flat in Norton. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions right?

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 10/7/2019 the requirements read as follows :

Minimum unexpired lease term is 70 years with 30 years remaining at the end of the mortgage term.
Ground Rents and event fees must be reasonable at all times during the term of the lease. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us for Valuer consideration. See the guidance below.

SECOND HAND PROPERTIES

Unacceptable - advise Originations (Will be declined):
- Unexpired lease term <70 years
- Ground Rent >0.5% of the property value
- Ground Rent doubles <every 20 years (e.g. doubles every 5, 10 or 15 years)
- Ground Rent is compounded RPI
- Ground Rent review period ≤5 years

Refer to Originations (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 70 to 85 years
- Ground Rent >0.1% and ≤0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is >5 and <10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges >£500 p/a (please provide details of what the charges cover)
- Service Charges >0.5% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary

Acceptable (no requirement to advise Originations):
- Unexpired lease term >85 years
- Ground Rent ≤0.1% of the property value
- Ground Rent review period ≥10 years
- Ground Rent escalation ≤RPI

NEW BUILD PROPERTIES (includes office conversions)

Unacceptable - advise Originations (Will be declined):
- Unexpired lease term <125 years on a new build flat or <250 years on a new build house
- Starting Ground Rent >0.1% of the property value
- Ground Rent review period ≤ 5 years
- Ground Rent doubles < every 20 years (e.g. doubles every 5, 10 or 15 years)
- Ground Rent is compounded RPI

Refer to Originations (Valuer will consider any impact on valuation figure and marketability):
- Ground Rent is linked to any indices greater than RPI
- Ground Rent is linked to the value of the building*
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges >£500 p/a (please provide details of what the charges cover)
- Service Charges >0.5% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary

Acceptable (no requirement to advise Originations):
- Unexpired lease term ≥125 years on a new build flat or ≥250 years on a new build house
- Starting Ground Rent ≤0.1% of the property value
- Ground Rent review period >5 years
- Ground Rent escalation ≤RPI

* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years

I understand that there are debates on Chancel Insurance on online forums. Do I require this when purchasing a residence in Norton? or I am told that there is an ancient law that means some house owners residing in a parish church boundary may be liable to pay for maintenance towards the chancel in proximity to the church. Is this relevant for conveyancing in Norton?

Unless a prior acquisition of the property completed post 12 October 2013 you could assume that conveyancing practitioners carrying out conveyancing in Norton to remain encouraging a chancel search and or insurance against a claim.

I am looking for a conveyancing practitioner in Norton for my home move. Is it possible to see a firm’s record with the legal regulator?

Members of the public may find published Solicitor Regulator Association (SRA) determinations arising from investigations from 2008 onwards. Go to Check a solicitor's record. For information Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, call +44 (0)121 329 6800. The regulator may monitor telephone calls for training requirements.

My wife and I purchased a leasehold flat in Norton. Conveyancing and Accord Mortgages Ltd mortgage went though with no issue. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1994. The conveyancing solicitor in Norton who previously acted has long since retired. Any advice?

The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to incur the fees of a Norton conveyancing firm to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

Norton Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing

    Generally speaking the outlay for major works are not wrapped into the service charges, albeit that a few managing agents in Norton ask tenants to pay into a reserve fund created for the specific purpose of building a fund for larger works. You should want to find out as much as you can regarding the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to every day matters like the tidiness of the communal areas. Don't be shy to ask prospective neighbours whether they are happy with them. Finally, be sure you discover the dates that the maintenance fees are due to the managing agents and precisely how they are spending that money. This question is useful as a) areas could result in problems for the building as the common areas may begin to deteriorate where services remain unpaid b) if the tenants have a dispute with the running of the building you will need to have complete disclosure

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