Will my lawyer be making enquiries regarding flooding during the conveyancing in Motspur Park.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Motspur Park. There are those who buy a property in Motspur Park, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, but there are a various checks that can be initiated by the buyer or by their conveyancers which will give them a better appreciation of the risks in Motspur Park. The standard information supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the vendor, then a buyer could bring a compensation claim stemming from an incorrect response. The buyer’s solicitors may also order an environmental report. This should reveal whether there is any known flood risk. If so, further investigations will need to be made.
4 months have gone by following my purchase conveyancing in Motspur Park completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Motspur Park differ for newly converted properties?
Most buyers of new build or newly converted property in Motspur Park contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Motspur Park typically buy the real estate, 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 conveyancers 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 Motspur Park or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Motspur Park is the location of the property. Is there any guidance you can give?
Flying freeholds in Motspur Park are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Motspur Park you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Motspur Park may decide 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 residence.
I'm refinancing my existing home to a BTL mortgage with Bank of Scotland and I will use the rest of the raised equity towards a second house. The neighborhood we are looking at is Motspur Park. Will your lawyers be able to act for the two banks and link together the transactions?
Do use our search tool on this page to check that the solicitors are approved by both mortgage companies. Having checked that they are the conveyancer should be able to tie up the two deals but you should talk with you lawyer and make clear your desired outcome and needs.