Should my solicitor be making enquiries about flooding during the conveyancing in Kibworth.
Flooding is a growing risk for lawyers dealing with homes in Kibworth. Some people will acquire a property in Kibworth, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a various checks that can be initiated by the purchaser or by their solicitors which can give them a better appreciation of the risks in Kibworth. The conventional set of completed inquiry forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the owner to find out whether the property has ever been flooded. In the event that the residence has been flooded in past and is not revealed by the owner, then a purchaser could commence a legal claim for losses stemming from an incorrect answer. A buyer’s conveyancers may also order an environmental search. This should disclose whether there is a recorded flood risk. If so, additional inquiries will need to be carried out.
How does conveyancing in Kibworth differ for newly converted properties?
Most buyers of new build property in Kibworth come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is completed. This is because house builders in Kibworth tend to purchase the land, 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 used to new build conveyancing in Kibworth or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Kibworth is where the house is located. Can you shed any light on this issue?
Flying freeholds in Kibworth are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Kibworth you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kibworth may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am tempted by the attractive purchase price for a two maisonettes in Kibworth which have about 50 years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Kibworth is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Kibworth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a basement flat in Kibworth, conveyancing was carried out April 2008. Can you work out an approximate cost of a lease extension? Corresponding flats in Kibworth with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ends on 21st October 2072
With only 54 years left to run the likely cost is going to range between £32,300 and £37,400 as well as 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 supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
I need to switch lawyers as my Kibworth lawyer is not on the mortgage company's panel of conveyancing solicitors. Is it practical to instruct different lawyers?
If you haven't yet instructed a conveyancer to start work and have just received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Kibworth that you're thinking of instructing.