My partner and I have just acquired a property in Longhope. We have since encountered a number of problems with the property which we consider were overlooked in the conveyancing searches. Do we have any recourse? What searches should? have been carried out as part of conveyancing in Longhope?
It is not clear from the question as what problems have arisen and if they are unique to conveyancing in Longhope. Conveyancing searches and due diligence initiated during the buying process are designed to help avoid problems. As part of the process, a seller answers a document referred to as a Seller’s Property Information Form. If the information ends up being inaccurate, then you may have a claim 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 Longhope.
Various internet forums that I have come across warn that are a common cause of obstruction in Longhope house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays during the legal transfer of property. Local searches are unlikely to feature in any delay in conveyancing in Longhope.
I am buying a new build house in Longhope with a loan from Nottingham Building Society. The sellers refused to reduce the price so I negotiated £7000 of additionals instead. The house builders rep told me not disclose to my conveyancer about the extras as it could impact my loan with Nottingham Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I have been on the look out for a leasehold apartment up to £245,000 and identified one round the corner in Longhope I like with amenity areas and station in the vicinity, however it's only got 49 remaining years left on the lease. There is not much else in Longhope in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan that many years will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
I am employed by a long established estate agent office in Longhope where we see a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Longhope conveyancing firms. Could you shed some light as to whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that 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 need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible 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 buyer.
I bought a 1 bedroom flat in Longhope, conveyancing having been completed July 2003. Can you work out an approximate cost of a lease extension? Corresponding flats in Longhope with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease finishes on 21st October 2081
With just 57 years unexpired we estimate the price of your lease extension to be between £28,500 and £33,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
My father-in-law mentioned that when selecting a conveyancing lawyer they need approved by your mortgage company. This is my first house move but I have an offer in principle from Halifax and I already have a local conveyancing solicitor in Longhope at the ready. Does Virgin Money need an approved solicitor to be selected? Does a list of approved conveyancers even exist so I can appoint a conveyancing solicitor in Longhope?
You should choose a solicitor that is on the Virgin Money panel. Just call your chosen Longhope conveyancing lawyer to check if they are on the Virgin Money panel. If they are not approved you have a couple of alternatives available to you here:
- Complete the purchase with your chosen Longhope solicitor but Virgin Money will undoubtedly retain a conveyancing practitioner on their conveyancing panel. The net result is additional fees and likely delay.
- Get a fresh conveyancer to act in the purchase, making sure they are on the Virgin Money conveyancing panel.
- Appeal to your lawyer to attempt to join the mortgage company panel.