My bid for a property was accepted at auction in South Norwood. Conveyancing is necessary. What are my next steps?
Now that you are for in every practical sense signed on the dotted line you should instruct a conveyancing lawyer quickly as you are faced with a tight deadline in which to complete the deal. All auction property will have a bespoke auction set of papers. This will include most,if not all of the documents that your solicitor will need. If you have purchased leasehold property the conveyancing papers should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to leasehold premises. You should pass this on to the lawyer working for you at the earliest opportunity. You also need to ensure that you have funds in order to complete on the date specified in the contract.
I have a mortgage with Nottingham for my property in South Norwood. Conveyancing was finalised months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nottingham?
Nottingham must be informed of your intention prior to letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. You need not do this via a Nottingham conveyancing panel lawyer.
After much negotiation I have agreed a price on an apartment in South Norwood. My financial adviser suggested a property lawyer. I paid an on account payment of £175. Soon after, the conveyancer contacted me embarrassingly acknowledging that they were not on the Aldermore 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 Aldermore 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 know that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when purchasing a residence in South Norwood? or Apparently there is historic law that means some owners of property residing in a parish church boundary will be compelled to pay for maintenance towards the chancel within the church. Is this relevant for conveyancing in South Norwood?
Unless a prior purchase of the property took place after 12 October 2013 you could expect lawyers delivering conveyancing in South Norwood to continue to propose a a chancel search and or insurance against a claim.
How does conveyancing in South Norwood differ for new build properties?
Most buyers of new build property in South Norwood approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is ready to move into. This is because house builders in South Norwood usually 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 property lawyers 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 accustomed to new build conveyancing in South Norwood or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in South Norwood in advance of appointing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some banks will refuse to give a mortgage on this type of property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in South Norwood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in South Norwood to see if the conveyancing will be more expensive.
I've recently bought a leasehold house in South Norwood. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation 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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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).
Following months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in South Norwood. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We can put you in touch with a South Norwood conveyancing firm who can help.
An example of a Lease Extension case for a South Norwood residence 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 was in relation to 1 flat. The unexpired term as at the valuation date was 26.38 years.