We are due to exchange on the purchase of a property in High Peak but as a result of wreckage from some water damage at the property I have managed to agree reparation from the owner of £2k in the form of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process however HSBC are not allowing this. Should they have been notified?
The solicitor that is on a HSBC approved list is duty bound to inform HSBC of any variations to the purchase price. If you were to refuse your conveyancing practitioner to notify the reduction to HSBC then they would have to discontinue acting for you. In addition, HSBC and you would have to appoint a new conveyancing practitioner for your conveyancing in High Peak.
It is 10 years ago since I bought my property in High Peak. Conveyancing lawyers have recently been appointed on the sale but I can't find my deeds. Is this a problem?
Don’t worry too much. First there is a possibility that the deeds will be retained by your mortgage company or they may be in the possession of the conveyancers who acted in the purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring current official copies of the land registers. Almost all conveyancing in High Peak involves registered property but in the unlikely event that your property is not registered it adds to the complexity but is not insurmountable.
Will our conveyancer be asking questions regarding flooding as part of the conveyancing in High Peak.
The risk of flooding is if increasing concern for lawyers dealing with homes in High Peak. There are those who acquire a house in High Peak, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, but there are a numerous searches that may be undertaken by the purchaser or by their solicitors which should figure out the risks in High Peak. The conventional set of completed inquiry forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the vendor to determine whether the premises has historically flooded. If flooding has previously occurred and is not disclosed by the vendor, then a buyer could commence a compensation claim resulting from an inaccurate reply. A purchaser’s solicitors will also order an environmental report. This should indicate if there is any known flood risk. If so, additional inquiries will need to be conducted.
Despite weeks of looking the Title Certificate and documents to our home are lost. The solicitors who dealt with the conveyancing in High Peak 5 years ago have long since closed. Will I be able to sell the house?
As long as you have a registered title the details of your ownership will be held by the Land Registry with a Title Number. It is easy to carry out a search at the Land Registry, locate your property and order current copies of the Registered Entries for less than a fiver. If the title is Leasehold then the Land Registry will usually retain a file duplicate of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in High Peak. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in High Peak are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in High Peak so you should seriously consider looking for a High Peak conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer will report to you on the legal implications.
I own a studio flat in High Peak, conveyancing formalities finalised 7 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in High Peak with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2093
With 75 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.