Will our solicitor be raising enquiries about flooding during the conveyancing in Downton.
Flooding is a growing risk for lawyers dealing with homes in Downton. There are those who acquire a property in Downton, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart 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 will figure out the risks in Downton. The standard completed inquiry forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the owner to discover if the premises has historically flooded. In the event that flooding has previously occurred and is not revealed by the vendor, then a purchaser could commence a claim for damages as a result of such an misleading answer. A buyer’s solicitors should also carry out an environmental search. This should disclose whether there is any known flood risk. If so, more detailed investigations should be initiated.
It has been five months following my purchase conveyancing in Downton completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. 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 property 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.
How does conveyancing in Downton differ for new build properties?
Most buyers of new build or newly converted property in Downton contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Downton tend to buy the land, 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 property lawyers 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 used to new build conveyancing in Downton or who has acted in the same development.
I decided to have a survey carried out on a property in Downton in advance of instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor advised that some banks tend not grant a loan on such a house.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. Should you wish to telephone us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Downton. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been sourcing a conveyancing solicitor in Downton for my house move. Can I see a firm’s record with the profession’s regulator?
You can find documented Solicitor Regulator Association (SRA) determinations resulting from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For records Pre 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, use +44 (0)121 329 6800. The SRA could recorded call for training reasons.
We are in the middle of purchasing a residence in Downton. Conveyancing lawyer has told us the property is "Leasehold". Does this make a difference on our Natwest valuation?
Downton conveyancing does not usually involve leasehold houses. The crucial factor here is the remaining lease term and the ground rent. If it's 999 years with a nominal rent, it's almost the same as freehold, so it shouldn't impact the value significantly.
At the other end of the spectrum, if it's, say, Sixty years it will have a material effect on the value, and most likely wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease provided to your conveyancing practitioner.