Should our solicitor be raising enquiries concerning flooding during the conveyancing in Bargoed.
Flooding is a growing risk for solicitors carrying out conveyancing in Bargoed. Some people will acquire a property in Bargoed, completely aware that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, however there are a numerous checks that may be initiated by the buyer or on a buyer’s behalf which can figure out the risks in Bargoed. The conventional set of information sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the owner to find out if the premises has ever been flooded. If flooding has previously occurred which is not notified by the vendor, then a buyer may commence a claim for damages as a result of such an inaccurate reply. A buyer’s conveyancers will also order an environmental search. This should indicate if there is a recorded flood risk. If so, more detailed inquiries will need to be conducted.
I own a terraced Victorian property in Bargoed. Conveyancing practitioner acted for me and Barclays Direct. 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 exact same address. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bargoed and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in Bargoed differ for new build properties?
Most buyers of new build or newly converted property in Bargoed come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Bargoed usually acquire the land, 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 accustomed to new build conveyancing in Bargoed or who has acted in the same development.
I opted to have a survey completed on a house in Bargoed before appointing lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor has said that some lenders will not grant a loan on such a home.
It depends who your proposed lender is. HSBC has different instructions for example to Nationwide. If you e-mail us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bargoed. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bargoed to see if the conveyancing will be more expensive.
My partner and I may need to sub-let our Bargoed basement flat temporarily due to a new job. We used a Bargoed conveyancing firm in 2003 but they have closed and we did not think at the time get any advice as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your previous Bargoed conveyancing solicitor is not around you can check your lease to see if it allows you to sublet the property. The accepted inference is that if the deeds are silent, subletting is permitted. There may be a precondition that you need to obtain consent via your landlord or some other party before subletting. This means that you cannot sublet without prior permission. Such consent must not not be unreasonably refused ore delayed. If the lease prohibits you from letting out the property you should ask your landlord for their consent.
I bought a 1 bedroom flat in Bargoed, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Equivalent flats in Bargoed with a long lease are worth £179,000. The ground rent is £65 per annum. The lease ceases on 21st October 2076
With 57 years unexpired we estimate the premium for your lease extension to span between £26,600 and £30,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.