Will our conveyancer be raising enquiries about flooding during the conveyancing in Market Deeping.
Flooding is a growing risk for solicitors dealing with homes in Market Deeping. There are those who buy a property in Market Deeping, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house 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 house purchase to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a numerous searches that can be initiated by the buyer or by their solicitors which should figure out the risks in Market Deeping. The standard property information forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to discover whether the property has historically flooded. In the event that the premises has been flooded in past which is not disclosed by the vendor, then a buyer could bring a legal claim for losses as a result of such an incorrect answer. The purchaser’s solicitors may also carry out an enviro report. This will reveal whether there is a recorded flood risk. If so, further inquiries should be initiated.
I am purchasing a new build house in Market Deeping benefiting from help to buy. The sellers would not move on the price so I negotiated five thousand pounds worth of extras instead. The sale representative told me not to tell my solicitor about this side-deal as it may affect my loan with Yorkshire Building Society. Should I keep quiet?.
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've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Market Deeping is the location of the property. What do you suggest?
Flying freeholds in Market Deeping are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Market Deeping you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Market Deeping may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
What does commercial conveyancing in Market Deeping cover?
Non domestic conveyancing in Market Deeping covers a wide range of guidance, supplied by regulated solicitors, relating to business premises. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
In my capacity as executor for the estate of my father I am selling a house in Neath but reside in Market Deeping. My solicitor (who is 300 miles from merequires that I execute a stat dec prior to the transaction finalising. Could you suggest a conveyancing practitioner in Market Deeping to witness this legal document for me?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will do regardless of whether they are located in Market Deeping
I work for a busy estate agency in Market Deeping where we have witnessed a few flat sales derailed as a result of short leases. I have been given inconsistent advice from local Market Deeping conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence 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.
An alternative approach is to extend the lease informally by agreement with the landlord 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 invested in buying a basement flat in Market Deeping, conveyancing was carried out May 2011. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Market Deeping with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease ends on 21st October 2081
With just 55 years unexpired we estimate the price of your lease extension to range between £31,400 and £36,200 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.