My fiancee and I are acquiring our first property. The property lawyer has texted usto see if we wish to take out additional conveyancing searches. As novices we have no idea as to what's necessary for conveyancing in Shropshire
The extent of Shropshire conveyancing searches should be triggered based primarily on the property, the location, the likelihood of any of these risks, your knowledge of the region and risks, your overall approach to risk. What is important is that you properly appreciate what information each search could give you. You may then decide if you personally think you need that search. Should you be uncertain, ask your lawyer to guide you.
A relative advised me that where I am purchasing in Shropshire I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Shropshire conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Shropshire around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Shropshire Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data about Shropshire.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Shropshire?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Shropshire. 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…’
How does conveyancing in Shropshire differ for newly converted properties?
Most buyers of new build property in Shropshire contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Shropshire usually acquire the site, 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 conveyancers 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 Shropshire or who has acted in the same development.
In relation to leasehold conveyancing in Shropshire what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Shropshire. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
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Maintenance charge proportions which don’t add up to the correct percentage A provision to repair to or maintain parts of the property
You will have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Skipton Building Society, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
I invested in buying a ground floor flat in Shropshire, conveyancing formalities finalised March 2007. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Shropshire with over 90 years remaining are worth £180,000. The ground rent is £65 levied per year. The lease terminates on 21st October 2083
With only 58 years remaining on your lease the likely cost is going to span between £22,800 and £26,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
My offer on semi in Shropshire was accepted, but there is a chain. The sellers have submitted an offer on somewhere, but it’s not yet tied up, and has viewings of other apartments booked. I have instructed a nearby conveyancing lawyer in Shropshire. What do I do now? When do I get the mortgage application with Virgin Money started with Virgin Money?
It is usual to have apprehensions where there is an associated chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then valuation, Shropshire conveyancing search costs, etc). First, you must ensure that your solicitor is on the Virgin Money approved list. As to the subsequent steps this very much dictated by the circumstances of your case, desire for this property and on the state of the market. In a buoyant market many home buyers would apply for a home loan with Virgin Money and pay for the valuation and only if it comes back ok would they pay their conveyancing practitioner to press on with searches.