Will our lawyer be asking questions concerning flooding as part of the conveyancing in Penistone.
Flooding is a growing risk for solicitors dealing with homes in Penistone. There are those who purchase a property in Penistone, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, but there are a various searches that can be carried out by the buyer or on a buyer’s behalf which can figure out the risks in Penistone. The standard information supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the seller to find out if the property has suffered from flooding. If flooding has previously occurred and is not notified by the seller, then a purchaser could commence a claim for damages stemming from an incorrect reply. The purchaser’s lawyers may also commission an enviro report. This will indicate whether there is a recorded flood risk. If so, additional investigations will need to be made.
How does conveyancing in Penistone differ for newly converted properties?
Most buyers of new build residence in Penistone approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Penistone usually buy 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 used to new build conveyancing in Penistone or who has acted in the same development.
I have been on the look out for a flat up to £245,000 and identified one close by in Penistone I like with open areas and station in the vicinity, however it's only got 61 years on the lease. I can't really find anything else in Penistone for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage that many years may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I work for a reputable estate agency in Penistone where we have witnessed a few flat sales jeopardised as a result of short leases. I have received contradictory information from local Penistone conveyancing firms. Can you shed some light as to whether the owner of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Penistone Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
Plenty Penistone leasehold properties will have a service charge for the upkeep of the block invoiced by the management company. Should you buy the property you will have to meet this contribution, usually in instalments during the year. This can be anything from several hundred pounds to thousands of pounds for bigger purpose-built blocks. In all probability there will be a rentcharge to be met annual, this is usually not a exorbitant amount, say approximately £25-£75 but you need to enquire as sometimes it could be prohibitively expensive. What is the name of the managing agents? It is important to be aware if redecorating or some other significant cost is anticipated to be shared between the leasehold owners and could well materially increase the the maintenance fees or result in a specific invoice.
I bought a flat in Penistone last 18/9/2017 and to date it is still not recorded with HM Land Registry. It was part of a new estate and my solicitor told me that it may take over a year to register. I have called HM Land Registry directly and they have informed me the initial application was cancelled due to questions not being addressed in time. What can I do?
Contact your solicitor - if you are not getting sensible responses, find out about their internal complaints procedure and escalate your concerns to a Complaints Manager. Registrations for Penistone conveyancing are not known to be especially complex.