Should my solicitor be making enquiries regarding flooding as part of the conveyancing in Crabtree.
The risk of flooding is if increasing concern for lawyers dealing with homes in Crabtree. There are those who buy a property in Crabtree, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a various checks that may be carried out by the purchaser or by their lawyers which can figure out the risks in Crabtree. The standard property information forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the owner to discover whether the premises has ever been flooded. In the event that flooding has previously occurred which is not notified by the vendor, then a purchaser could bring a legal claim for losses as a result of such an inaccurate answer. A purchaser’s lawyers will also carry out an enviro search. This should higlight whether there is a recorded flood risk. If so, additional investigations should be made.
4 months have elapsed since my purchase conveyancing in Crabtree concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
My father has recommend that I use his conveyancers in Crabtree. Should I choose my own solicitor?
No doubt it’s preferable to select a conveyancing practitioner is to get guidance from friends or relatives who have actually previously instructed the firm that you are are thinking of instructing.
I am attracted to a two flats in Crabtree both have in the region of 50 years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Crabtree. The lease is a right to use the property for a period of time. As the lease gets shorter the value of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this area.
I inherited a studio flat in Crabtree, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Crabtree with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2080
With only 55 years remaining on your lease the likely cost is going to be between £31,400 and £36,200 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
My wife and I accepted an offer on a Crabtree bungalow we inherited 5 years ago in 2009. I have over twenty years conveyancing experience and, now retired, intend to conduct the legal work. The purchaser's conveyancing practitioner has informed me that their building society will not allow us to do our own conveyancing as they require the funds to be passed via a solicitor's bank account.
Lending instructions to solicitors from all mainstream lenders state that If the seller is not legally represented the borrower's lawyers should check whether the lender needs to be told so that a decision can be made as to whether or not they are prepared to proceed.