My partner and I have just acquired a property in Frome. We have noticed several problems with the house which we believe were missed in the conveyancing searches. Do we have any recourse? What searches should? have been carried out for conveyancing in Frome?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Frome. Conveyancing searches and investigations undertaken as part of the legal transfer of property are carried out to help avoid problems. As part of the process, the vendor fills in a form known as a SPIF. answers provided is incorrect, then you may have a claim against the vendor 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 Frome.
What is the best way to discover of the solicitor conducting my conveyancing in Frome is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for TSB thus paying £175.00 in supplemental conveyancing costs.
Feel free to take advantage of the find a lender approved solicitor tool on this site. Please choose the lender and type ‘Frome’ or your preferred area and you will see numerous conveyancers offices in Frome or near you.
Taking into account that I am about to spend over three hundred thousand on a terraced house in Frome I wish to have a conversation with the conveyancer regarding thehouse move ahead of giving the go ahead to the firm. Is this something that you can arrange?
Absolutely - we would be happy to talk to you we do not take any clients on without you first talking to the conveyancer who will be conducting your property ownership legalities in Frome.There is no ‘factory style conveyancing’ - each client is unique individual, not a matter reference. The law firms that we put you in touch with believe that the figure you are quoted for your conveyancing in Frome should be the figure that you are charged.
I am employed by a reputable estate agency in Frome where we see a number of leasehold sales derailed due to short leases. I have received inconsistent advice from local Frome conveyancing firms. Could you shed some light as to whether the vendor of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I inherited a split level flat in Frome, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Frome with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 levied per year. The lease runs out on 21st October 2071
You have 53 years unexpired the likely cost is going to span between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
I own a leasehold flat in Frome. Conveyancing was completed in 2009. I have read on a number of advice forums that I mustn’t let the lease length get too short. What is the reasoning?
Frome leasehold properties are for a prescribed period - often 99 years when they commenced. However a significant appartments in Frome were built or converted in the 70’s80’s and so these leases now have fewer than eighty years unexpired. This may sound like plenty of time however Banks, Building Societies and other mortgage institutions on the whole require leases to have a minimum of 75 years left to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are approaching seventy five years. To maximise the marketability of your property you should be considering whether to extend your lease long before you come to sell it. There are also significant benefits to doing so before the lease hits 80 years as when the lease falls below 80 years the amount you have to pay to extend starts to increase.