Last January we completed a house move in Walsingham. We have since encountered a number of problems with the property which we believe were missed in the conveyancing searches. Is there anything we can do? What searches should? have been ordered for conveyancing in Walsingham?
The question is not clear as what problems have arisen and if they are unique to conveyancing in Walsingham. Conveyancing searches and due diligence undertaken as part of the buying process are supposed to help avoid problems. As part of the legal transfer of property, the vendor answers a document called a Seller’s Property Information Form. If the information provided is inaccurate, you could possibly take legal action against the seller 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 Walsingham.
About to purchase a new build flat in Walsingham. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Walsingham
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are surveyor prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Walsingham is where the house is located. Can you offer any guidance?
Flying freeholds in Walsingham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Walsingham you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Walsingham 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.
In what way can the Landlord & Tenant Act 1954 impact my commercial premises in Walsingham and how can your lawyers assist?
The 1954 Act affords security of tenure to business leaseholders, giving them the right to apply to court for a renewal tenancy and continue in occupation when the lease comes to an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and handle your commercial conveyancing in Walsingham
Can you provide any advice for leasehold conveyancing in Walsingham with the aim of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Walsingham can be reduced where you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers. If there is a history of conflict with your landlord or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to ongoing. You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your solicitors. A purchaser's lawyer will not be happy to advise their client to where the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. Some Walsingham leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
I invested in buying a ground floor flat in Walsingham, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Walsingham with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease finishes on 21st October 2077
With only 52 years unexpired we estimate the premium for your lease extension to range between £29,500 and £34,000 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
I'm buying a house in Walsingham. I have found my conveyancer's company on the Law Society's list, but I can't locate my lawyer's name as listed on the regulator's website. Should I be concerned?
Not every individual in the company must be listed by the regulator. Provided there is a manager qualified to 'oversee' the work, the actual day-to-day activity can be conducted by unlicensed staff.