My wife and I have just acquired a property in Market Weighton. We have since encountered a number of problems with the property which we believe were missed in the conveyancing searches. Is there anything we can do? What searches should? have been carried out as part of conveyancing in Market Weighton?
The question is vague as what problems have arisen and if they are relate to conveyancing in Market Weighton. Conveyancing searches and due diligence initiated as part of the buying process are designed to help avoid problems. As part of the process, the vendor answers a document referred to as a Seller’s Property Information Form. If the information is misleading, then you may have a claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Market Weighton.
When will exchange of contracts take place for domestic conveyancing in Market Weighton and am I required to be at the lawyers office?
Where you are near to one of the conveyancing solicitors in Market Weighton you are welcome to come in to sign documents. However, the lender approved solicitors we recommend provide a nationwide conveyancing service and provide as equally detailed and professional a job for you when communicating with you electronically. The signing of the contract is not when everything is set in stone. Signing on the dotted line simply enables the solicitor to address the formalities at the appropriate time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Market Weighton)to be in the office available at the end of the phone to exchange contracts.
I purchased a 4 bedroom Victorian property in Market Weighton. Conveyancing practitioner acted for me and Skipton Building Society. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold under the matching address. Is it worth asking Skipton Building Society to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Market Weighton and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing solicitor who completed the work.
I am purchasing a new build house in Market Weighton benefiting from help to buy. The sellers would not reduce the price so I negotiated £7000 of additionals instead. The house builders rep told me not reveal to my lawyer about the extras as it could jeopardize my loan with the lender. 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.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Market Weighton is where the house is located. Is there any guidance you can impart?
Flying freeholds in Market Weighton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Market Weighton 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 Market Weighton may determine 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've recently bought a leasehold flat in Market Weighton. Am I liable to pay service charges relating to a period prior to my ownership?
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. A critical element 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).
I am the registered owner of a ground floor flat in Market Weighton, conveyancing having been completed 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Market Weighton with an extended lease are worth £211,000. The ground rent is £45 yearly. The lease finishes on 21st October 2092
You have 68 years remaining on your lease the likely cost is going to be between £9,500 and £11,000 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.