Will our lawyer be making enquiries about flooding during the conveyancing in Roundhay.
Flooding is a growing risk for lawyers specialising in conveyancing in Roundhay. There are those who purchase a house in Roundhay, fully aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, however there are a various searches that may be initiated by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Roundhay. The conventional set of property information forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to discover if the property has suffered from flooding. If flooding has previously occurred and is not revealed by the seller, then a purchaser may issue a legal claim for losses resulting from an misleading reply. The buyer’s lawyers should also order an environmental report. This will indicate whether there is a recorded flood risk. If so, more detailed investigations should be initiated.
I'm buying my first flat in Roundhay benefiting from help to buy. The developers would not budge the price so I negotiated £7000 of extras instead. The house builders rep suggested that I not inform my solicitor about the deal as it will adversely affect my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the advice of my in-laws I had a survey completed on a property in Roundhay before instructing lawyers. I have been advised that there is a flying freehold element to the property. The surveyor has said that some mortgage companies will not grant a mortgage on such a property.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. If you call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Roundhay. Conveyancing may be slightly more expensive based on your lender's requirements.
How simple is it to use your search app to select a conveyancing practitioner in Roundhay on the authorised to act for my lender?
Step one is to pick a lender such as HSBC Bank, The Mortgage Works or TSB then specify your location a common one being Roundhay. Conveyancing practices in Roundhay and nationally should be shown.
I work for a reputable estate agent office in Roundhay where we have witnessed a few flat sales jeopardised due to short leases. I have been given inconsistent advice from local Roundhay conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
I am the registered owner of a studio flat in Roundhay, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Roundhay with a long lease are worth £197,000. The ground rent is £55 per annum. The lease terminates on 21st October 2072
With just 54 years remaining on your lease we estimate the price of your lease extension to range between £32,300 and £37,400 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.