Last May we completed a house move in Fairwater. We have since encountered a number of issues with the property which we believe were overlooked in the conveyancing searches. Do we have any recourse? What searches should? have been ordered as part of conveyancing in Fairwater?
It is not clear from the question as to the nature of the problems and if they are unique to conveyancing in Fairwater. Conveyancing searches and investigations undertaken during the buying process are supposed to help avoid problems. As part of the legal transfer of property, a seller fills in a form known as a Seller’s Property Information Form. answers is misleading, you could possibly take legal action 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 Fairwater.
What does my ID and proof of funds have anything to do with my conveyancing in Fairwater? What am I being asked for?
Fairwater conveyancing solicitors and indeed property practitioners accross the UK have a duty under Anti-terror and anti-money-laundering rules to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (usually a Utility Bill no older than three months).
Confirmation of the origin of funds is also required in compliance with the money laundering laws as lawyers are mandated to investigate that the monies you are using to acquire a property (be it the exchange deposit or the total purchase monies if you are buying mortgage free) has come from an acceptable source (such as an inheritance) rather than the product of illegitimate activity.
Just had an offer accepted on a new build flat in Fairwater. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Fairwater
The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants.
Over the last few months I have been searching for a flat up to £305k and found one near me in Fairwater I like with open areas and transport links in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Fairwater in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the shortness of the lease may be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Having had my offer accepted I require leasehold conveyancing in Fairwater. Before I set the wheels in motion I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and most are in Fairwater - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Fairwater Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
You should be aware that where the lease has fewer than eighty years it will affect the value of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will almost definitely require a lease extension sooner rather than later and it is worth discovering how much this will be. For most Fairwaterlease extensions you would need to own the residence for 24 months in order to be legally able to exercise a lease extension. What is the yearly maintenance fee and ground rent? How many years are left on the lease?
My lawyers in Fairwater have advised me that they can not locate my conveyancing file. At the time of my purchase I took out a mortgage with the mortgage company. Is it case that being on the bank conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the lender directly.