Last May we completed a house move in Plymstock. We have noticed several problems with the house which we believe were omitted in the conveyancing searches. What action can we take? What searches should? have been carried out for conveyancing in Plymstock?
The query is vague as to the nature of the problems and if they are specific to conveyancing in Plymstock. Conveyancing searches and investigations initiated during the legal transfer of property are carried out to help avoid problems. As part of the process, a seller completes a form referred to as a Seller’s Property Information Form. If the information ends up being incorrect, you may have a misrepresentation claim against the vendor 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 Plymstock.
As a FTB what is the most important piece of guidance you can give me about purchase conveyancing in Plymstock?
Not many law firms or advisers will tell you this but conveyancing in Plymstock or throughout England and Wales is an adversarial process. In other words, when it comes to conveyancing there is plenty of opportunity for confrontation between you and other parties involved in the transaction. E.g., the seller, estate agent and even potentially the lender. Choosing a lawyer for your conveyancing in Plymstock should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the transaction whose interest is to act in your legal interests and to protect you.
There is a definite creep of a "blame" culture- someone has to be at fault for the process taking so long. We recommend that you must always trust your lawyer ahead of the other players when it comes to the legal transfer of property.
A colleague suggested that where I am purchasing in Plymstock I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Plymstock conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Plymstock around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data regarding Plymstock.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Plymstock is the location of the property. Can you offer any opinion?
Flying freeholds in Plymstock 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 Plymstock you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Plymstock 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 residence.
Can you provide any top tips for leasehold conveyancing in Plymstock with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Plymstock can be reduced where you instruct lawyers the minute your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers’ representatives. If you have had any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to unresolved. You believe that you know the number of years remaining on your lease but it would be advisable verify this via your solicitors. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. If you hold a share in a the Management Company, you should make sure that you hold the original share certificate. Organising a re-issued share certificate can be a lengthy process and delays many a Plymstock conveyancing transaction. If a duplicate share certificate is necessary, do contact the company officers or managing agents (if relevant) for this sooner rather than later. A minority of Plymstock leases require Licence to Assign from the landlord. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
Plymstock Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing
Where a Plymstock lease has fewer than 80 years it will impact the marketability of the flat. It is worth checking with your lender that they are willing to lend given the lease term. A short lease means that you will most likely have to extend the lease sooner rather than later and it is worth discovering what this would cost. For most Plymstocklease extensions you will be required to have been the owner of the residence for two years before you are legally able to extend the lease. Are any of leasehold owners in arrears of their service charge payments?