I have a decision in principle. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather appoint a Somerset based conveyancing firm?
Do check but the the probability is that appoint one of their panel solicitors should you want the "fee-free" deal. Speak to the bank to check if they offer you a cash alternative. Some lenders have previously offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Somerset.
Should my lawyer be asking questions regarding flooding during the conveyancing in Somerset.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Somerset. Plenty of people will purchase a house in Somerset, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, however there are a numerous checks that can be carried out by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Somerset. The standard information supplied to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the seller to discover if the premises has suffered from flooding. If the premises has been flooded in past and is not notified by the owner, then a buyer may commence a claim for damages as a result of such an inaccurate reply. The purchaser’s lawyers may also order an enviro search. This should disclose if there is any known flood risk. If so, more detailed investigations should be carried out.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Somerset I like with open areas and railway links in the vicinity, however it's only got 51 years unexpired on the lease. I can't really find anything else in Somerset suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan that many years may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I am thinking of appointing a conveyancing solicitor in Somerset for my home move. Is it possible to check a solicitor's record with the legal regulator?
One can read published Solicitor Regulator Association (SRA) determinations resulting from inquisitions started on or after Jan 2008. Visit Check a solicitor's record. For records about the period before 1 January 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The SRA may monitor telephone calls for training reasons.
Back In 2002, I bought a leasehold house in Somerset. Conveyancing and Barclays Direct mortgage organised. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1994. The conveyancing solicitor in Somerset who acted for me is not around. Any advice?
The first thing you should do is contact the Land Registry to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to instruct a Somerset conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a studio flat in Somerset, conveyancing formalities finalised July 2003. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Somerset with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2091
With only 65 years left to run we estimate the premium for your lease extension to range between £13,300 and £15,400 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously 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 aim is to purchase a garden apartment in Somerset. Conveyancing solicitor is awaiting, from the owner, building insurance documents. I was told today I was informed that the seller must forward the insurance paperwork for the flat above in addition. Why does my solicitor want to review the insurance for the flat above? Is it really required? We have been stalled for the last fortnight…
It is not unheard of in leasehold conveyancing in Somerset to find Conveyancing in Somerset in a minority of cases reveals that the lease requires the tenant's to insure their individual flats as opposed to the freeholder insuring the whole building - which is definitely better. You should double check with your conveyancer but it would appear that your lawyer is seeking to establish that the complete building is insured. Insuring your apartment is no help when it comes to rebuilding after a fire if the 1st floor cannot be rebuilt as a result of lack of insurance cover.