Will our solicitor be raising questions concerning flooding as part of the conveyancing in Old Oak Common.
The risk of flooding is if increasing concern for lawyers dealing with homes in Old Oak Common. Plenty of people will buy a property in Old Oak Common, fully expectant that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, however there are a numerous checks that may be carried out by the buyer or by their conveyancers which should give them a better appreciation of the risks in Old Oak Common. The standard completed inquiry forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual question of the owner to determine whether the premises has ever been flooded. In the event that the premises has been flooded in past which is not revealed by the seller, then a purchaser could issue a compensation claim resulting from an incorrect response. The buyer’s conveyancers will also conduct an environmental report. This should higlight whether there is a recorded flood risk. If so, further inquiries should be conducted.
It has been five months following my purchase conveyancing in Old Oak Common completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. 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 Old Oak Common differ for newly converted properties?
Most buyers of new build premises in Old Oak Common approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Old Oak Common tend to purchase 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 Old Oak Common or who has acted in the same development.
I decided to have a survey carried out on a house in Old Oak Common prior to appointing lawyers. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some lenders will not grant a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Old Oak Common. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Old Oak Common to see if the conveyancing costs will increase in light of this.
I need to appoint a conveyancing solicitor for purchase conveyancing in Old Oak Common. I've chance upon a site which looks to be the ideal offering If there is a chance to get all formalities done via email that would be ideal. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Back In 2004, I bought a leasehold house in Old Oak Common. Conveyancing and HSBC Bank mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Old Oak Common who previously acted has now retired. Do I pay?
The first thing you should do is contact HMLR to be sure that this person is indeed the new freeholder. It is not necessary to instruct a Old Oak Common conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Old Oak Common conveyancing firm to assist?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to determine the price payable.
An example of a Freehold Enfranchisement case for a Old Oak Common flat is 49 Long Drive in March 2014. The tribunal concluded that the price payable for the freehold interest in the Property should be £26,491 divided as to £12,546 in respect of the ground floor flat and £13,945 in respect of the first floor flat This case affected 2 flats. The number of years remaining on the existing lease(s) was 68.47 years.