Do commercial conveyancing searches reveal impending roadworks that could impact a commercial property in Olney?

Its becoming the norm that commercial conveyancing solicitors in Olney will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Olney. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Olney.

For each commercial conveyancing transaction in Olney it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to Olney commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Olney.

Are there restrictive covenants that are commonly identified as part of conveyancing in Olney?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Olney. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

How does conveyancing in Olney differ for new build properties?

Most buyers of new build residence in Olney contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Olney typically acquire the site, 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 accustomed to new build conveyancing in Olney or who has acted in the same development.

What makes a Olney lease problematic?

Leasehold conveyancing in Olney is not unique. Most leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:

Insurance obligations A provision for the recovery of money spent for the benefit of another party.

You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Coventry Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to pull out.

I inherited a leasehold flat in Olney, conveyancing having been completed September 2007. Can you work out an approximate cost of a lease extension? Corresponding properties in Olney with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease ends on 21st October 2084

With only 60 years remaining on your lease we estimate the premium for your lease extension to be between £20,000 and £23,000 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

I bought a property in Olney last 15/2/2023 and to date it is still not registered with HMLR. It is part of a new estate and my conveyancer told me that it may take 12 months to complete the registration formalities. I have contacted the Land Registry directly and they say that the initial application was cancelled due to failure to reply to requisitions. Do I need to be concerned?

It is your property lawyer that you must contact in order to satisfy any concerns which have arisen as part of the registration formalities for your Olney property. Normal Olney conveyancing practice includes an undertaking on the part of the previous owner’s conveyancer that they will assist in resolving any requisition raised by HMLR so it may be a case of seeking to enforce that undertaking in some way.