Why is leasehold purchase conveyancing in Westbury Park is more expensive?
Westbury Park leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Will our lawyer be making enquiries regarding flooding during the conveyancing in Westbury Park.
Flooding is a growing risk for lawyers carrying out conveyancing in Westbury Park. There are those who buy a property in Westbury Park, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, but there are a numerous searches that may be carried out by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Westbury Park. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to determine if the premises has historically flooded. If the property has been flooded in past which is not disclosed by the owner, then a buyer could commence a compensation claim as a result of such an inaccurate answer. The purchaser’s solicitors should also conduct an environmental report. This will indicate if there is a recorded flood risk. If so, further inquiries should be made.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The solicitors who dealt with the conveyancing in Westbury Park 4 years ago no longer exist. What do I do?
As long as the title is registered the information relating to your ownership will be recorded by the Land Registry under a Title Number. It is easy to perform a search at the Land Registry, identify your property and order up to date copies of the property title for a small fee. Where the property is Leasehold then the Land Registry will also normally retain a file copy of the Registered Lease and again, a copy can be retrieved for twenty pounds.
Due to the advice of my in-laws I had a survey completed on a property in Westbury Park prior to appointing lawyers. I have been informed that there is a flying freehold element to the property. Our surveyor has said that some banks may refuse to grant a mortgage on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Westbury Park. Conveyancing may be slightly more expensive based on your lender's requirements.
We have today had an offer accepted on our 1st home in Westbury Park, and are about to get solicitors appointed. We have used the different rating tools and the results are from all across the the UK. Is it necessary to have a Westbury Park conveyancing practitioner local to the potential property? We are happy to do all the communicating over email, but I guess at some point we may be required to attend the property lawyer's office to sign papers?
Generally there is no requirement to physically visit the office of your property lawyer, they can send any relevant contracts to you, which you can sign and send back. Many home movers choose to use a locally based solicitor, but it's by no means a prerequisite for conveyancing in Westbury Park.