Should our solicitor be raising questions concerning flooding during the conveyancing in Farnborough.
Flooding is a growing risk for conveyancers conducting conveyancing in Farnborough. Plenty of people will buy a property in Farnborough, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a numerous checks that may be carried out by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Farnborough. The conventional set of completed inquiry forms supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to discover if the premises has historically flooded. In the event that flooding has previously occurred which is not notified by the vendor, then a buyer could bring a legal claim for losses as a result of such an misleading answer. The buyer’s solicitors will also carry out an enviro search. This should higlight whether there is a recorded flood risk. If so, more detailed inquiries will need to be made.
Are there restrictive covenants that are commonly identified as part of conveyancing in Farnborough?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Farnborough. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a flat up to £305k and identified one near me in Farnborough I like with a park and transport links in the vicinity, however it's only got 49 years unexpired on the lease. I can't really find anything else in Farnborough for this price, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the shortness of the lease may be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises 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 term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I have been advised by a few property agents in Farnborough to choose a conveyancer on your site. Is there a financial inducement for Estate Agents to promote your lawyers over and above a competitor’s?
We don’t make any financial incentive for directing people to this site. We thought it would be too underhand to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
My uncle has encouraged me to instruct his conveyancers in Farnborough. Should I find my own solicitor?
No doubt it’s preferable to choose a conveyancing practitioner is to seek referrals from friends or family who have used the firm that you are are thinking of instructing.
My wife and I purchased a leasehold house in Farnborough. Conveyancing and Coventry Building Society mortgage organised. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Farnborough who acted for me is not around. Do I pay?
The first thing you should do is make enquiries of HMLR to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Farnborough conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Farnborough - Sample of Queries Prior to buying
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Does the lease contain onerous restrictions? In the main the cost for major works are not included within service charges, albeit that some managing agents in Farnborough obliged leaseholders to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance. Are there any major works anticipated that will likely increase the maintenance costs?