Should our conveyancer be asking questions about flooding as part of the conveyancing in Wargrave.

Flooding is a growing risk for solicitors dealing with homes in Wargrave. There are those who acquire a house in Wargrave, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.

Solicitors are not best placed to give advice on flood risk, however there are a number of checks that can be undertaken by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Wargrave. The standard property information forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to find out if the premises has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the owner, then a buyer may issue a legal claim for losses as a result of such an inaccurate response. A purchaser’s lawyers may also order an enviro search. This will reveal if there is any known flood risk. If so, additional investigations will need to be made.

How does conveyancing in Wargrave differ for new build properties?

Most buyers of new build or newly converted property in Wargrave come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Wargrave usually buy the site, 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 conveyancing solicitors 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 Wargrave or who has acted in the same development.

Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, chain free conveyancing. Wargrave is the location of the property. Can you shed any light on this issue?

Flying freeholds in Wargrave are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wargrave you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wargrave may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.

I work for a reputable estate agency in Wargrave where we have witnessed a number of flat sales jeopardised due to short leases. I have been given contradictory information from local Wargrave conveyancing firms. Can you clarify whether the seller of a flat can initiate the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Wargrave Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing

Are any of leasehold owners in dispute over their service charge payments? On the whole the outlay for major works tend not to be included within service charges, albeit that some managing agents in Wargrave obliged leaseholders to pay into a sinking fund created for the specific intention of establishing a fund for major works. The majority of Wargrave leasehold properties will be liable to pay a service bill for maintenance of the block set by the management company. Where you purchase the apartment you will have to meet this contribution, usually in instalments during the year. This may differ from several hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a ground rent to be met yearly, normally this is not a exorbitant sum, say about £50-£100 but you need to enquire it because occasionally it could be many hundreds of pounds.

My conveyancing in Wargrave completes on Friday, but the vendors I am purchasing off wants to move out the next day at afternoon. Can I agree to this?

It is not possible to complete on a Saturday due to the bank systems aren't working.