Would the conveyancing solicitors that are recommend execute auction conveyancing in Cannington?
There are a few niche solicitors we can connect you with those who can conduct auction conveyancing. Cannington is one of the many locations in which our lawyers have offices.
Should our solicitor be asking questions regarding flooding as part of the conveyancing in Cannington.
Flooding is a growing risk for solicitors dealing with homes in Cannington. Plenty of people will buy a property in Cannington, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. Steps can be carried out 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 searches that may be undertaken by the buyer or by their solicitors which can figure out the risks in Cannington. The standard information sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to find out if the property has historically flooded. If flooding has previously occurred which is not notified by the seller, then a purchaser could issue a claim for damages stemming from an inaccurate response. The purchaser’s conveyancers will also order an enviro report. This should disclose if there is a recorded flood risk. If so, further inquiries should be carried out.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in Cannington I like with amenity areas and railway links nearby, the downside is that it's only got 51 years on the lease. There is not much else in Cannington in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
Do you have any top tips for leasehold conveyancing in Cannington with the aim of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Cannington can be bypassed where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers’ solicitors. If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Cannington state that internal structural alterations or installing wooden flooring require a licence issued by the Landlord approving such changes. Should you dont have the consents to hand you should not contact the landlord without checking with your conveyancer before hand. A minority of Cannington leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying 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. You may think that you are aware of the number of years left on your lease but you should verify this via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
Cannington Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
On the whole the cost for major works tend not to be included within maintenance charges, albeit that a few managing agents in Cannington require tenants to contribute towards a reserve fund and this is used to offset against larger repairs or maintenance. What prohibitions are there in the Cannington Lease? How much is the annual maintenance fee and ground rent?
I am short of a 10% deposit on my apartment purchase in Cannington , but I still want to exchange. What can I do?
You can agree a smaller deposit. Many property owners will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second