I have just been advised by my broker that my South Norwood the law firm I have appointed is not on the bank Solicitor panel. How can I be certain whether this is indeed the case?
The first thing you need to do is to call your South Norwood lawyer directly. It is reasonable to expect your lawyer to inform you what has happened. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
I am the registered owner of a freehold property in South Norwood but still invoiced for rent, why is this and what is this?
It is rare for properties in South Norwood and has limited impact for conveyancing in South Norwood but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I'm purchasing a new build house in South Norwood with the aid of help to buy. The sellers refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not to tell my solicitor about the extras as it may put at risk my loan with Halifax. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What are your top tips when it comes to finding a South Norwood conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a South Norwood conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non South Norwood conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
How experienced is the practice with lease extension legislation? What are the legal fees for lease extension work?
I own a second floor flat in South Norwood. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
if there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to assess the premium.
An example of a Lease Extension matter before the tribunal for a South Norwood flat 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 unexpired lease term was 26.38 years.
Why do South Norwood conveyancing fees are higher for leasehold and freehold properties?
If acquiring a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control