Will our conveyancer be raising questions about flooding during the conveyancing in Andover.
Flooding is a growing risk for conveyancers dealing with homes in Andover. There are those who buy a property in Andover, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a number of searches that may be undertaken by the purchaser or by their solicitors which will figure out the risks in Andover. The standard completed inquiry forms supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a usual inquiry of the owner to determine whether the premises has historically flooded. In the event that flooding has previously occurred which is not revealed by the seller, then a buyer could bring a compensation claim as a result of such an incorrect reply. The purchaser’s solicitors may also order an enviro search. This should higlight if there is any known flood risk. If so, additional inquiries will need to be conducted.
3 months have gone by since my purchase conveyancing in Andover took place. I have checked the Land Registry site which shows that I paid £200,000 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 asset 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.
I'm buying my first flat in Andover with a loan from Accord Mortgages Ltd. The builders refused to budge the price so I negotiated £7000 of additionals instead. The sale representative suggested that I not inform my lawyer about this extras as it will adversely affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
How does the Landlord & Tenant Act 1954 affect my business premises in Andover and how can your lawyers assist?
The particular law that you refer to affords a safeguard to business leaseholders, granting the right to make a request to court for a renewal tenancy and continue in occupation when the lease reaches an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act for protection and handle your commercial conveyancing in Andover
My brother has suggested that I appoint his conveyancers in Andover. Should I choose my own conveyancer?
There are no two ways about it the best way to choose a conveyancing practitioner is to have feedback from friends or family who have experience in using the solicitor you're contemplating using.
I am attracted to a couple of maisonettes in Andover which have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Andover is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. For most buyers and banks, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Andover conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Andover Leasehold Conveyancing - Sample of Queries before Purchasing
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The best form of lease arrangement is a share of the freehold. In this situation the tenants benefit from being in charge if their destiny and although a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. How many years are left on the lease?