Last October we completed a house move in Crofton Park. We have noticed several problems with the property which we believe were missed in the conveyancing searches. What action can we take? Can you clarify the type of searches that should have been carried out as part of conveyancing in Crofton Park?
The question is not clear as to the nature of the problems and if they are unique to conveyancing in Crofton Park. Conveyancing searches and due diligence initiated during the legal transfer of property are carried out to help avoid problems. As part of the legal transfer of property, a property owner answers a form known as a Seller’s Property Information Form. answers ends up being misleading, you may have a misrepresentation claim 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 Crofton Park.
Will my lawyer be raising enquiries regarding flooding during the conveyancing in Crofton Park.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Crofton Park. Some people will acquire a property in Crofton Park, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, however there are a various searches that can be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Crofton Park. The conventional set of property information forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the owner to discover if the property has suffered from flooding. If the residence has been flooded in past which is not disclosed by the owner, then a purchaser could bring a compensation claim stemming from an inaccurate answer. A purchaser’s conveyancers will also order an environmental search. This will reveal whether there is a recorded flood risk. If so, additional investigations should be made.
How does conveyancing in Crofton Park differ for new build properties?
Most buyers of new build residence in Crofton Park approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Crofton Park usually buy the site, 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 conveyancing solicitors 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 Crofton Park or who has acted in the same development.
Are there any apps to help identify a Crofton Park solicitor on the Accord Mortgages Ltd conveyancing panel? I am a keen cyclist and am willing to travel upto 25kilometers to meet the lawyer.
Feel free to make use of the facility on this website. Please select a lender and your location and you will see a number of Crofton Park conveyancing lawyers locally. We have listed some Crofton Park conveyancing firms at the bottom of this page and you can call them to check if they are on the Accord Mortgages Ltd panel
I own a leasehold flat in Crofton Park. Conveyancing was finalised in 2009. I have read on a number of consumer forums that I should not let the lease length get too short. Is this correct?
Crofton Park domestic long term leases are for a set term - often ninety nine years when they commenced. However a significant appartments in Crofton Park were built or converted in the 60’s and so these leases now have under 80 years remaining. This may seem like plenty of time however Banks, Building Societies and other mortgage lenders tend to need leases to have at least 75 years remaining to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching eighty years. To increase your property value you should be considering whether or not to extend your lease well in advance of selling the property. There are also strong financial reasons to taking action before the lease hits 80 years as when the lease falls below 80 years the premium you have to pay to extend starts to increase.