Last May we completed a house move in Selston. We have since encountered a number of issues with the house which we believe were missed in the conveyancing searches. What action can we take? Can you clarify the type of searches that needed to have been carried out as part of conveyancing in Selston?
The question is vague as to the nature of the problems and if they are specific to conveyancing in Selston. Conveyancing searches and investigations undertaken as part of the buying process are supposed to help avoid problems. As part of the process, the vendor fills in a questionnaire known as a Seller’s Property Information Form. If the information turns out to be incorrect, you may have a misrepresentation 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 Selston.
We're in Selston, FTBs purchasing with a mortgage (lender is Nottingham , and our solicitor is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Will my lawyer be making enquiries concerning flooding during the conveyancing in Selston.
Flooding is a growing risk for conveyancers dealing with homes in Selston. There are those who buy a house in Selston, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, but there are a numerous checks that can be initiated by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Selston. The standard information supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a standard question of the vendor to determine whether the premises has historically flooded. If flooding has previously occurred which is not notified by the seller, then a buyer could bring a claim for damages as a result of such an inaccurate response. The purchaser’s lawyers will also commission an environmental search. This will disclose whether there is any known flood risk. If so, further inquiries should be made.
Due to the input of my in-laws I had a survey completed on a property in Selston in advance of appointing lawyers. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some lenders will not grant a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Selston. Conveyancing will be smoother if you use a solicitor in Selston especially if they regularly deal with such properties in Selston.
I am looking at a two maisonettes in Selston both have in the region of forty five years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Selston is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Selston conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a 1st floor flat in Selston, conveyancing was carried out October 2005. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Selston with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease terminates on 21st October 2081
With just 57 years remaining on your lease 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 a more accurate figure in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
Why is New Build conveyancing in Selston more costly?
Conveyancing in Selston for recently converted or new build properties can sometimes involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as supplemental questions and contractual concerns.