Last May we completed a house move in Prestatyn. We have noticed several issues with the house which we suspect were overlooked in the conveyancing searches. What action can we take? Can you clarify the nature of searches that should have been carried out as part of conveyancing in Prestatyn?
The query is vague as what problems have arisen and if they are unique to conveyancing in Prestatyn. Conveyancing searches and due diligence undertaken during the buying process are carried out to help avoid problems. As part of the process, the vendor fills in a form known as a SPIF. If the information proves to be inaccurate, you could possibly take legal action 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 Prestatyn.
What happens if my lawyer’s firm is expelled from the TSB Solicitor panel ahead of completing my conveyancing in Prestatyn?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
How does conveyancing in Prestatyn differ for new build properties?
Most buyers of new build premises in Prestatyn come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Prestatyn usually purchase 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 property lawyers 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 Prestatyn or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in Prestatyn I like with amenity areas and station nearby, however it only has 51 years on the lease. There is not much else in Prestatyn for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass 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 consult your conveyancing lawyer regarding this.
Hoping to buy a property located in Prestatyn and I am already nervous. I couldn't find anything specific about Prestatyn. Conveyancing will be needed in due course but do you know about the Prestatyn area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Prestatyn. In the meantime here are some basic statistics that we found