Will my conveyancer be raising questions concerning flooding as part of the conveyancing in Axminster.
The risk of flooding is if increasing concern for lawyers dealing with homes in Axminster. Some people will purchase a property in Axminster, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, however there are a number of searches that can be carried out by the buyer or by their solicitors which should figure out the risks in Axminster. The conventional set of completed inquiry forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard question of the owner to discover whether the property has suffered from flooding. If flooding has previously occurred which is not disclosed by the vendor, then a purchaser may issue a legal claim for losses stemming from an misleading response. The buyer’s solicitors may also commission an environmental search. This should reveal if there is any known flood risk. If so, more detailed inquiries will need to be made.
I have a terraced Georgian house in Axminster. Conveyancing solicitor represented me and Godiva Mortgages Ltd. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Axminster and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with the conveyancing practitioner who conducted the conveyancing.
I am looking for a flat up to £235,500 and found one near me in Axminster I like with open areas and railway links in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Axminster for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan the shortness of the lease may be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I am attracted to a couple of apartments in Axminster both have approximately fifty years remaining on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area.
Axminster Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
Who is in charge of the block? Are any of leasehold owners in arrears of their service charge liability? Generally speaking the cost for major works tend not to be built into the service charges, although a few managing agents in Axminster ask leaseholders to contribute towards a reserve fund created for the specific intention of building a fund for major works.
We have just discovered that one of the partners of the solicitors handling the purchase conveyancing in Axminster is an aunty of the owners that we are buying from. Is this permitted?
As long as no conflict arises this is allowable. Where you are needing a home loan then the mortgage company may have a say as many mortgage companies have specific instructions concerning this. For example for Royal Bank of Scotland as of 18/7/2021, the requirements read as follows :