My partner and I have lately bought a property in Nunhead. We have since encountered a number of issues with the house which we believe were omitted in the conveyancing searches. What action can we take? Can you clarify the nature of searches that needed to have been conducted for conveyancing in Nunhead?
It is not clear from the question as what problems have arisen and if they are unique to conveyancing in Nunhead. Conveyancing searches and due diligence undertaken during the buying process are supposed to help avoid problems. As part of the process, the vendor answers a document called a SPIF. If the information is inaccurate, then you may have a 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 Nunhead.
Why do I have to pay up front for my conveyancing in Nunhead?
If you are buying a property in Nunhead your lawyer will ask you place them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the sale price then this should be required immediately ahead of exchange of contracts. Any further balance that is due should be sent to your lawyer a couple of days ahead of the day of completion.
Various web forums that I have frequented warn that are the main reason for delay in Nunhead house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays during the legal transfer of property. Searches are not likely to feature in any holding up conveyancing in Nunhead.
I am looking for a ground for flat up to £195,000 and found one near me in Nunhead I like with amenity areas and railway links in the vicinity, however it only has 51 years on the lease. I can't really find anything else in Nunhead in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will likely be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
Your search tool is useful but there are many lawyers listed near Nunhead being on the bank conveyancing panel. Can you recommend a specific firm on the bank approved panel?
We are not in the business of recommending one firm above another as the right Nunhead conveyancing solicitor for you depends on where your priorities lie. For example you may require a local firm with Nunhead knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..