My partner and I have recently acquired a property in Southborough. We have noticed several issues with the property which we believe were overlooked in the conveyancing searches. What action can we take? What searches should? have been carried out as part of conveyancing in Southborough?
It is not clear from the question as to the nature of the problems and if they are unique to conveyancing in Southborough. Conveyancing searches and investigations undertaken as part of the buying process are carried out to help avoid problems. As part of the legal transfer of property, a seller answers a document referred to as a Seller’s Property Information Form. If the information provided is incorrect, then you may have a claim against the vendor 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 Southborough.
We're in Southborough, FTBs buying with a mortgage (lender is Nationwide , and our solicitor is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
What will a local search reveal about the property my wife and I buying in Southborough?
Southborough conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for instance Xpress Legal The local search plays an important part in most Southborough conveyancing purchase; as long as you don’t want any nasty once you have moved into your new home. The search will reveal data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
How does conveyancing in Southborough differ for newly converted properties?
Most buyers of new build residence in Southborough approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Southborough typically purchase the real estate, 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 Southborough or who has acted in the same development.
I decided to have a survey done on a house in Southborough before instructing lawyers. I have been advised that there is a flying freehold element to the property. My surveyor has said that some mortgage companies will not grant a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different requirements for example to Birmingham Midshires. Should you wish to call us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Southborough. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Southborough to see if the conveyancing will be more expensive.
I work for a busy estate agent office in Southborough where we see a number of leasehold sales put at risk as a result of short leases. I have received conflicting advice from local Southborough conveyancing firms. Could you clarify whether the owner of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. 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 disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
Following months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Southborough. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the premium.
An example of a Lease Extension matter before the tribunal for a Southborough flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 50.57 years.