Last September we completed a house move in Durrington. We have noticed several problems with the house which we suspect were omitted in the conveyancing searches. Is there anything we can do? Can you clarify the nature of searches that needed to have been conducted as part of conveyancing in Durrington?
It is not clear from the question as to the nature of the problems and if they are unique to conveyancing in Durrington. Conveyancing searches and investigations initiated during the legal transfer of property are supposed to help avoid problems. As part of the legal transfer of property, a property owner answers a document referred to as a Seller’s Property Information Form. If the information ends up being incorrect, 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 Durrington.
Can you clarify what the consequences are if my solicitor is expelled from the Leeds Building Society Solicitor panel ahead of completing my conveyancing in Durrington?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one close by in Durrington I like with a park and station in the vicinity, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Durrington for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the shortness of the lease may be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Am I better off to use a Durrington conveyancing lawyer based in the vicinity that I am buying? We have a good friend who can carry out the legal formalities however they are based 400kilometers drive away.
The benefit of a high street Durrington conveyancing practice is that you can drop in to sign paperwork, present your identification documents and pester them if necessary. They will also have local knowledge which is a bonus. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and the majority were happy that must outweigh using an unknown Durrington conveyancing solicitor just because they are local.
I have just started marketing my garden apartment in Durrington. Conveyancing is yet to be initiated, however I have just had a yearly service charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is pay the invoice as normal given that all rents and service invoices will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I inherited a basement flat in Durrington, conveyancing having been completed March 2003. How much will my lease extension cost? Similar properties in Durrington with an extended lease are worth £255,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2091
With only 73 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 plus legals.
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 the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.